Crane Company is constructing a building. Construction began on February 1 and was completed on December 31 . Expenditures were $1,800,000 on March 1, $1,200,000 on June 1 , and $3,097,420 on December 31. Crane Company borrowed $1,050,550 on March 1 on a 5 -year, 13% note to help finance construction of the building. In addition, the company had outstanding all year a 10%,5-year, $2,080,800 note payable and an 11%,4-year, $3,831,200 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 %