Discount-Mart issues $11 million in bonds on January 1, 2024. The bonds have a nine-year term and pay interest semiannually on June 30 and December 31 each year. Below is a partial bond amortization schedule for the bonds: Date Cash Paid Interest Expense Increase in Carrying Value Carrying 01/01/2024 06/30/2024 Value $9,808,964 $550,000 $588,538 $38,538 9,847,502 12/31/2024 550,000 590,850 40,850 9,888,352 06/30/2025 550,000 593,301 43,301 9,931,653 12/31/2025 550,000 595,899 45,699 9,977,552 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.) Multiple Choice 11% 5% Prev 32 of 35 Next > S