Discount-Mart issues $11 million in bonds on January 1, 2021. The bonds have a eight-year term and pay interest semiannually on June 30 and December 31 each year. Below is a partial bond amortization schedule for the bonds Interest Expense Increase in Carrying Value Cash Paid Date 01/01/2021 06/30/2021 12/31/2021 06/30/2022 12/31/2022 $440,000 440,000 440,000 440,000 $490,392 492,912 495,557 498,335 $50,392 52,912 55,557 58,335 Carrying Value $ 9,807,845 9,858,237 9,911,149 9,966,796 10,025, 041 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 o o of