Determine the effective-interest rate

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Reference no: EM131253797

Devon Harris Company sells 10% bonds having a maturity value of $2,446,000 for $2,355,596. The bonds are dated January 1, 2014, and mature January 1, 2019. Interest is payable annually on January 1.

(a) Determine the effective-interest rate.

Reference no: EM131253797

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