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	80
October 1, 2023	48
February 1, 2024	56
April 1, 2024	34
September 1, 2024	33
October 1, 2024	19

On July 1, 2023, the company obtained a $109 million construction loan with a 9% 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 11%. 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: