Vaughn Company is constructing a building. Construction began onFebruary 1 and was completed on December 31. Expenditures were$2,004,000 on March 1, $1,284,000 on June 1, and $3,024,560 onDecember 31. Vaughn Company borrowed $1,101,510 on March 1 on a5-year, 12% note to help finance construction of the building. Inaddition, the company had outstanding all year a 10%, 5-year,$2,417,700 note payable and an 11%, 4-year, $3,702,800 notepayable. Compute the weighted-average interest rate used forinterest capitalization purposes. (Round answer to 2 decimalplaces, e.g. 7.58%.)
Calculate Weighted-average interest rate.