Kingbird Company is constructing a building. Construction began on February 1 and was completed on December 31.

Expenditures were $2,004,000 on March 1, $1,284,000 on June 1, and $3,024,560 on December 31. Kingbird Company borrowed $1,101,510 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 10%, 5-year, $2,417,700 note payable and an 11%, 4-year, $3,702,800 note 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 %