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A company constructs a building fonts own use. Construction began on January 1 and ended on December SO. The expenditures for construction were as follows: January 1, $700,000: March 31, $800.000: June 30, $600.000: October 30, $1200.000. To help finance constructs, the company arranged a 8% construction loan on January 1 for $1,100,000. The company's other borrowings, outstanding for the whole year, consisted of a S7 million loan andaS9 million note with interest rates of 10% and 6%, respectively. Assuming the company uses the specific interest method calculate the amount of interest capitalized for the year. (Do not round intermediate calculations. Round your percentage answers to 2 decimal places (i.e. 0.1234 should be entered as 12.34%).)