Discount$-$Mart issues $$14$ million in bonds on January $1,2024.$ The bonds have a ten$-$year term and pay interest semiannually on June $30$ and

December $31$ each year. Below is a partial bond amortization schedule for the bonds:

What is the stated annual rate of interest on the bonds? $($Hint: Be sure to provide the annual rate rather than the six$-$month rate.$)$

Note: Do not round your intermediate calculations.