Kingbird Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $2,880,000 on March 1, $1,920,000 on June 1, and $4,800,000 on December 31.

Kingbird Company borrowed $1,600,000 on March 1 on a 5-year, 10% note to help finance construction of the building. In addition, the company had outstanding all year a 12%, 5-year, $3,200,000 note payable and an 11%, 4-year, $5,600,000 note payable. Compute avoidable interest for Kingbird Company. Use the weighted-average interest rate for interest capitalization purposes. (Round "Weighted-average interest rate" to 4 decimal places, e.g. 0.2152 and final answer to 0 decimal places, e.g. 5,275.)

Avoidable interest

$enter the avoidable interest in dollars rounded to 0 decimal places