3. If the market interest rate is higher than the face interest rate at the date of issuance, bonds will a. sell at face value. b. not sell until the face interest rate is adjusted. c. sell at a premium. d. sell at a discount. 4. In 2013, Sells Inc, issued ten-year, 10 percent bonds when the market interest rate was 12 percent.Interest is payable annually. During 2,016, the market rate of interest for similar bonds was 14 percent.Using the effective interest method of amortization, what interest rate will be used to calculate interest expense for 2016? a. 12 percent b. 10 percent c. 14 percent d. 4 percent