Computation of Effective Interest Rate

On June 30, 2016, Gaston Corporation sold $880,000 of 11% face value bonds for $925,670.41. On December 31, 2016, Gaston sold $370,000 of this same bond issue for $352,804.29. The bonds were dated January 1, 2016, pay interest semiannually on each December 31 and June 30, and are due December 31, 2023.

Required:

Compute the effective yield rate on each issuance of Gaston's 11% bonds. Click here to access the tables to use with this problem. Round your answer to the nearest percentage.

June 30, 2016 issuance:	%
December 31, 2016 issuance:	%