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What is the effective interest rate for the bonds

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Question - Zhang Company, an IFRS company, sold $9,000,000 of 6%, 3-year bonds on January 1, 2016. The bonds pay interest each December 31. It cost the company $30,000 in bond issue costs. The bonds were sold at par. What is the effective interest rate for the bonds?

Reference no: EM132811613

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