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, $670,000; March 31,$770,000; June 30,$570,000; October 30 , $1,110,000. To help finance construction, the company arranged a 8% construction loan on January 1 for $1,040,000. 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 9% and 6%, respectively. Assuming the company uses the specific interest method, calculate the amount of interest capitalized for the year. (Do not round intermediate calculations. Round your percentage answers to 2 decimal places (i.e. 0.1234 should be entered as 12.34% ).)