Dixon Builders Inc. began constructing a building to sell to a customer on January 1, 20X1. The construction will take approximately 18 months. Weighted-average expenditures for 20X1 have already been determined to be $8,000,000. There is one specific and two non-specific loan borrowings. Loan details are as follows: Specific: $5,000,000 loan at 9% taken out 1/1/20X1 and due in two years. Non-specific: $3,000,000 at 10% and $2,000,000 at 12%. Both loans were outstanding for all of 20X1 and both are due in three years. Question: What amount of interest should be capitalized in 20X1? If necessary, express all percentages to two decimal places (ex. 14.5062% = 14.51%)