On June 1, 2023, a company began construction of a new manufacturing plant. The plant was completed on October 31, 2024, Expenditures on the project were as follows ($ in millions): July 1, 2023 October 1, 2023 66 34 February 1, 2024 42. April 1, 2024 27 September 1, 2024 October 1, 2024 26 12 On July 1, 2023, the company obtained a $88 million construction loan with a 10% interest rate. The loan was outstanding through the end of October, 2024. The company's only other interest-bearing debt was a long-term note for $100 million with an interest rate of 9%. This note was outstanding during all of 2023 and 2024. The company's fiscal year-end is December 31 In computing the capitalized interest for 2024, the average accumulated expenditures are: