10) On January 1, 2009, XYZ, Inc. sold $1,000,000 face value bonds in the open market for $1,124,196. The bonds pay interest at 8% annually and mature in eight years. The following is the IRR calculation on the bond's cash flows shows its effective interest rate. Round all your answers to the nearest dollar. Date 1/1/09 1/1/10 1/1/11 1/1/12 1/1/13 1/1/14 1/1/15 1/1/16 1/1/17 Cash received for the Bonds $ (1,124,196) Interest payments $ 80,000 $ 80,000 $ 80,000 $ 80,000 $ 80,000 $ 80,000 $ 80,000 $ 80,000 Bond payoff at maturity $ 1,000,000 Net Cash Flows $ (1,124,196) $ 80,000 80,000 80,000 $ 80,000 $ 80,000 $ 80,000 $ 80,000 $ 1,080,000 IRR 6.0%