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Determine the effective-interest rate

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Devon Harris Company sells 10% bonds having a maturity value of $2,000,000 for $1,855,816. The bonds are dated January 1, 2020, and mature January 1, 2025. Interest is payable annually on January 1.

Question 1: Determine the effective-interest rate. (Round answer to 0 decimal places, e.g. 18%.)

Reference no: EM132464971

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