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Sheridan Company is constructing a building, Construction began on January 1 and was completed on December 31 . Expenditures were $6390000 on March 1, $5350000

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Sheridan Company is constructing a building, Construction began on January 1 and was completed on December 31 . Expenditures were $6390000 on March 1, $5350000 on June 1, and $8650000 on December 31. Sheridan Company borrowed $3160000 on January 1 on a 5 -year, 14% note to help finance construction of the building. In addition, the company had outstanding all year a 12%, 3-year, $6380000 note payable ahd an 13%,4-year, $12450000 note payable. What is the weighted-average interest rate used for interest capitalization purposes? 12.86%12.51%13.00%12.66%

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