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Hanson Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1,800,000 on March 1, $1,200,000 on June 1, and $3,000,000 on December 31.

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Hanson Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1,800,000 on March 1, $1,200,000 on June 1, and $3,000,000 on December 31.

Hanson Company borrowed $1,000,000 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 10%, 5 year, $2,000,000 note payable and an 11%, 4 year, $3,500,000 note payable. Compute the weighted average interest rate used for interest capitalization purposes.

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