$\frac{0}{1}$

Crane Company sells $8\%$ bonds having a maturity value of $$2,180,000$ for $$2,014,720.$ The bonds are dated January $1,2020,$ and mature January $1,2025.$ Interest is payable annually on January $1.$

$($a$)$

Your answer is incorrect.

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

The effective$-$interest rate $\%$

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