Novak Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures $2,088,000 on March 1$1,236,000 on June 1, and $3,090,260 on December 31. Novak Company borrowed $1,083,960 on March 1 on a 5-year, 12% note to help finance construction of the buildingIn addition, the company had outstanding all year a 9%, 5-year, $2,493,000 note payable and an 10, 4-year, $3,319,800 note payable. Compute the weighted-average interest rate used for interest capitalization purposes. (Round answer to 2 decimal places, 7.58%)