Discount-Mart issues $11 million in bonds on January 1, 2021. 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: 8 00 Interest Expense Increase in Carrying Value Cash Paid 8 00:19:36 Date 01/01/2021 06/30/2021 12/31/2021 06/30/2022 12/31/2022 $550,000 550,000 550,000 550,000 $584,299 586,356 588,538 590,850 $34,299 36,356 38,538 40,850 Carrying Value $9,738,309 9,772,608 9,808,964 9,847,502 9,888,352 Print 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.) (Do not round your intermediate calculations.) Multiple Choice 10% O o 5%. 11% O 12%