CraneCompany is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $2,052,000on March 1, $1,200,000on June 1, and $3,007,200on December 31.

CraneCompany borrowed $1,042,720on March 1 on a5-year,13% note to help finance construction of the building. In addition, the company had outstanding all year a9%,5-year, $2,039,800note payable and an10%,4-year, $3,462,500note payable. Compute the weighted-average interest rate used for interest capitalization purposes.(Round answer to 2 decimal places, e.g. 7.58%.)