Culver Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1,860,000 on March 1, $1,260,000 on June 1, and $3,016,770 on December 31. Culver Company borrowed $1,198,000 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 9%, 5-year, $2,088,000 note payable and an 10%, 4-year, $3,308,700 note payable. Compute the weighted-average interest rate used for interest capitalization purposes. (Round answer to 2 decimal places, e.g. 7.58%.)

what is the weighted average interest rate?