Bridgeport Company is constructing a building Construction began on February 1 and was completed on December 31. Expenditures were $1.920,000 on March 1, $1.200.000 on June 1, and $3,058.670 on December 31. Bridgeport Company borrowed $1,018,620 on March 1 on a 5-year, 12% note to help finance construction of the building. In addition, the company had outstanding all year a 10%, 5-year. $2,005,300 note payable and an 11%, 4-year, $3.444.000 note payable. Compute the weighted average interest rate used for interest capitalization purposes. (Round answer to 2 decimal places, eg. 7.58%.) Weighted average interest rate