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What is the stated annual interest rate

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Question - On January 1, 2021, Vacation Destinations issues $35 million of bonds that pay interest semiannually on June 30 and December 31. Portions of the bond amortization schedule appear below:

Date

Cash Paid for Interest

Interest Expense

Increase in Carrying

Carrying Value

1/1/2021

 

 

 

$32,512,829

6/30/2021

$1,050,000

$1,137,949

$87,949

32,600,778

12/31/2021

1,050,000

1,141,027

91,027

32,691,805

Required - What is the stated annual interest rate?

Reference no: EM132350593

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