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Current Attempt in Progress Kenneth Clark Company sells 8% bonds having a maturity value...

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Accounting

Current Attempt in Progress
Kenneth Clark Company sells 8% bonds having a maturity value of $2,620,000 for $2,421,360.00. The bonds are dated January 1,2025, and mature January 1,2030. Interest is payable annually on January 1.
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(a)
Determine the effective-interest rate. (Round present value factor to 5 decImal places, e.g.1.25124 and final answer to 0 decimal places, e.g.18%.)
The effective-interest rate %
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