?

Discount-Mart issued ten thousand $1,000 bonds on January 1, 2011. They have a ten-year term and pay interest semiannually. This is the partial bond amortization schedule for the bonds.

















































yment Cash Effective
Interest
Decrease in
Balance
Outstanding
Balance
$8,640,967
1 300,000 345,639 345,639 8,686,606
2 300,000 347,464 347,464 8,734,070
3 300,000 349,363 349,363 8,783,433
4 300,000

What is the stated annual rate of interest on the bonds?