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): On July 1, 2023, the company obtained a $86 million construction loan with a 10\% interest rate. The loan was outstanding through the end of 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 outstang 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? Multiple Choice $4.40 million