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Concord Company sells 8% bonds having a maturity value of $2,000,000 for $1,848,366. The bonds are dated January 1, 2020, and mature January 1, 2025.

Concord Company sells 8% bonds having a maturity value of $2,000,000 for $1,848,366. The bonds are dated January 1, 2020, and mature January 1, 2025. Interest is payable annually on January 1. (a) Determine the effective-interest rate. (Round answer to O decimal places, e.g. 18%.) The effective-interest rate eTextbook and Media Save for Later % Attempts: 0 of 6 used Submit

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