15 ! Part 7 of 9 2 points Required information [The following information applies to the questions displayed below.] On January 1 of this year, Olive Corporation issued bonds. Interest is payable once a year on December 31. The bonds mature at the end of four years. Olive uses the effective-interest amortization method. The partially completed amortization schedule below pertains to the bonds: Date Cash Interest Amortization January 1, Year 1 Book Value $ 48,813 End of Year 1 $ 3,600 End of Year 2 ? $ 3,417 ? $ 183 ? 48,630 48,434 eBook End of Year 3 End of Year 4 ? ? ? 210 ? 3,376 ? 48,000 Print References 7. What was the annual market rate of interest on the date the bonds were issued? (Enter your answer as a percentage rounded to the nearest whole percent (i.e. 0.123 should be entered as 12).) Market rate of interest %