$1.$ On $1/1/23,$ BIGDEBT issued $$14,500,000$ face value bonds, dated $1/1/23,$ with a coupon rate of $8\%$ for a price of $$15,200,000.$ Interest is paid semiannually on $6/30$ and $12/31.$ The bonds have a $5-$year life, with principal due on $12/31/27.$ The bonds are callable $($redeemable$)$ by BIGDEBT at any time at a price of $1\mathrm{.}07($or $$1,070$ per $$1,000$ bond$).$

a$.$ Compute the annual market interest rate $($i$.$e$.,$ what was the market rate of interest on Jan. $1,2023--$the date the bonds were issued.$)$