Waterway Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $3,060,000 on March 1, $2,040,000 on June 1, and $5,100,000 on December 31. Waterway Company borrowed $1,700,000 on March 1 on a 5-year, 12% note to help finance construction of the building. In addition, the company had outstanding all year a 14%, 5-year, $3,400,000 note payable and an 11%, 4-year, $5,950,000 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, e.g. 2.5125 and final answer to O decimal places, e.g. 5,275.) Avoidable interest $ eTextbook and Media Attempts: 0 of 3 used Save for Later Submit Answer Send to Gradebook