Waterway Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $2,700,000 on March 1, $1,800,000 on June 1, and $4,500,000 on December 31. Waterway Company borrowed $1,500,000 on March 1 on a 5-year, 10% note to help finance construction of the building. In addition, the company had outstanding all year a 12%, 5-year, $3,000,000 note payable and an 11%, 4-year. $5,250,000 note payable. Compute avoidable interest for Waterway Company. Use the weighted average interest rate for interest capitalization purposes. (Round "Weighted-average interest rate" to 4 decimal places, es. 0.2152 and final answer to decimal places, eg. 5,275.) Avoidable interest $