Capita had the following bank loans outstanding during the whole of 2018:

	$ m.
8% loan repayable 2019	14
10% loan repayable 2022	19

Capita began construction of a qualifying asset on 1 March 2018 and withdrew funds of $5 million on that date to fund construction. On 1 July 2018 an additional $3 million was withdrawn for the same purpose. Calculate the borrowing costs which can be capitalized in respect of this project for the year ended 31 December 2018.