Your firm has contracted to build the new Trevecca Arena for $$40$ million. You signed the deal on January $1,2024.$ Your plans are to spend a total of $$30$ million over the next two years. You borrowed $$10$ million from the Runyan Bank on January $1,2024,$ specifically for this project with $10\%$ annual interest. Your fiscal year$-$end is December $31.$ You finished the job early on November $1,2025.$

In addition to the $$10$ million borrowed for this project your firm also had the following debt:

$$50$ million at $12\%$ outstanding for the entire year

$$20$ million at $8\%$ outstanding for the entire year

You had the following outlays of cash related to this job during $2024.$

January $1$ $$1,000,000$ March $1$ $$15,000,000$ July $1$ $$5,000,000$ December $31$ $$1,000,000$

Calculate the amount of interest that should be capitalized for $2024.$ Circle your answer.