1 Discount-Mart issues $17 million in bonds on January 1, 2021. The bonds have a eight-year term and pay interest semiannually on June 30 and December 31 each year. Below is a partial bond amortization schedule for the bonds: Interest Increase in Date Cash Paid Expense Carrying Value 00:28:02 01/01/2021 06/30/2021 Carrying Value $15,281,998 $850,000 $916,920 $66,920 15,348,918 12/31/2021 850,000 920,935 70,935 15,419,853 06/30/2022 12/31/2022 850,000 850,000 925,191 75,191 929,703 79,703 15,495,044 15,574,747 Print What is the market annual rate of interest on the bonds? (Hint: Be sure to provide the annual rate rather than the six-month rate.) (Do not round your Intermediate calculations.) Multiple Choice 10%. 12%. 11%. 5%.