Ivanhoe Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1,872,000on March 1, $1,272,000on June 1, and $3,056,400on December 31.

Ivanhoe Company borrowed $1,174,000on March 1 on a5-year,13% note to help finance construction of the building. In addition, the company had outstanding all year a10%,5-year, $2,151,700note payable and an11%,4-year, $3,326,100note payable. Compute the weighted-average interest rate used for interest capitalization purposes.(Round answer to 2 decimal places, e.g. 7.58%.)

Weighted-average interest rate?