cation.wiley.com/was/ui/v2/assessment-player/ talog Teens' Pages Kids' Pages DCPLive GALILEO Lifelong Learning Reference Databases Search Web mework: Chapter 15 Question 10 of 10 -/4.5 E View Policies Current Attempt in Progress On December 31, 2020, Crane, Inc. sold $3,500,000 (face value) of bonds. The bonds are dated December 31, 2020, pay interest annually on December 31, and will mature on December 31, 2020. The following schedule was prepared by the accountant for 2020. Annual Interest Period Interest to be Paid Interest Expense Amortization Unamortized Amount Bond Carrying Value $87,500 $3,412,500 1 $315,000 $341,250 $26,250 61,250 3,438,750 On the basis of the above information, answer the following questions. (a1) What is the stated interest rate for this bond issue? Stated interest rate %