Crane Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1,908,000 on March 1, $1,308,000 on June 1, and $3,002,130 on December 31.

Crane Company borrowed $1,197,510 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, $2,487,900 note payable and an 11%, 4-year, $3,271,400 note payable. Compute the weighted-average interest rate used for interest capitalization purposes.

what is the weighted average intrest rate?