Marigold Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1,932,000 on March 1, $1,212,000 on June 1, and $3,037,690 on December 31. Marigold Company borrowed $1,168,790 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, $2,022,900 note payable and an 10%, 4-year, $3,737,800 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