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	56
October 1, 2023	24
February 1, 2024	32
April 1, 2024	22
September 1, 2024	21
October 1, 2024	7

On July 1, 2023, the company obtained a $72 million construction loan with a 7% 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.

What is the amount of interest that should be capitalized in 2023, using the specific interest method?

$2.33 million

$2.38 million

$3.39 million

None of the other answer choices are correct