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 market annual rate of interest on the bonds? $($Hint: Be sure to provide the annual rate rather than the six$-$month rate.$)($Do not round your

intermediate calculations.$)$