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, $540,000; March 31, $640,000; June 30, $440,000; October 30, $720,000. To help finance construction, the company arranged a 7% construction loan on January 1 for $780,000. The companys other borrowings, outstanding for the whole year, consisted of a $5 million loan and a $7 million note with interest rates of 9% 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%).)

Date	Expenditure		Weight			Average
January 1, 2018					=
March 31, 2018					=
June 30, 2018					=
October 30, 2018					=
Accumulated expenditures
	Average		Interest Rate			Capitalized Interest
Average accumulated expenditures				%	=