Shamrock Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1.5 million on March 1, $1.2 million on June 1, and $3 million on December 31. Shamrock Company borrowed $1.3 million on March 1 on a five year, 13% note to help finance the building construction. In addition, the company had outstanding all year a 51- million, five year, 14% note payable and a $3.6 million, four year, 10% note payable, Calculate the company's avoidable borrowing costs assuming Shamrock Company follows IFRS. (Do not round intermediate calculations Round capitalization rate to 2 decimal places, es 52.75% and final answer to decimal places, 3.5,275)