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Question - On June 1, 2020, the Crocus Company began construction of a new manufacturing plant. The plant was completed on October 31, 2021. Expenditures on the project were as follows ($ in millions):
July 1, 2020 56
October 1, 2020 24
February 1, 2021 32
April 1, 2021 22
September 1, 2021 21
October 1, 202 17
On July 1, 2020, Crocus obtained a $72 million construction loan with a 7% interest rate. The loan was outstanding through the end of October, 2021. The company's only other interest-bearing debt was a long-term note for $100 million with an interest rate of 9%. This note was outstanding during all of 2020 and 2021. The company's fiscal year-end is December 31.
Required - What is the amount of interest that Crocus should capitalize in 2020, using the specific interest method?
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
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