Brian Lee Company sells $8\%$ bonds having a maturity value of $$1,580,000$ for $$1,460,210\mathrm{.}00.$ The bonds are dated January $1,2025,$

and mature January $1,2030.$ Interest is payable annually on January $1.$

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$($a$)$

Determine the effective$-$interest rate. $($Round present value factor to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and final answer to $0$ decimal

places, e$.$g$.18\%.)$

The effective$-$interest rate

$\%$

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$($b$)$

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