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 54 October 1, 2023 22 February 1, 2024 30 April 1, 2024 21 September 1, 2024 20 October 1, 2024 6 On July 1, 2023, the company obtained a $70 million construction loan with a 6% 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 8%. 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