A company constructs a building for its own use. Construction began on January 1 and ended on December 30. The expenditures for construction were as follows: January 1, $530,000, March 31, $630,000, June 30, $430,000, October 30, $690,000. The company arranged a 10% loan on January 1 for $760,000. Assume the $760,000 loan is not specifically tied to the construction of the building. The company's other borrowings, outstanding for the whole year, consisted of a $4 million loan and a $6 million note with interest rates of 13% and 6%, respectively. Assuming the company uses the weighted average method, calculate the amount of interest capitalized for the year. (Do not round intermediate calculations. Round your percentage answer to 2 decimal places (i.e. 0.1234 should be entered as 12.34%).) January 1, 20211 Date Expenditure Weight Average $ 530,000 12/12 = $ 530,000 March 31, 2021 630,000x 9/12 472,500 June 30, 2021 430,000x 6/12 215,000 October 30, 2021 690,000 2/12 115,000 Accumulated expenditures $ 2,280,000 $ 1,332,500 Amount Interest Rate Average accumulated expenditures All loans $ 1,332,500 760.000 Capitalized Interest % $ 0 % 0 $ 0