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A company sold a $920,000 issue of bonds with a 15-year life, paying 5% interest per year. The bonds were sold at par value. If

A company sold a $920,000 issue of bonds with a 15-year life, paying 5% interest per year. The bonds were sold at par value. If the company paid a selling fee of $46,000 and has an annual expense of $69,884 for mailing and record keeping, what is the true rate of interest that the company is paying for the borrowed money?

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