Discount-Mart issues $12 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 Cash Paid Increase in Carrying Value Date 01/01/2021 06/30/2021 12/31/2021 06/30/2022 12/31/2022 $ 480,000 480,000 480,000 480,000 $534,973 537,722 540,608 543,639 $54,973 57,722 60,608 63,639 Carrying Value $10,699,468 10,754, 441 10,812,163 10,872,771 10,936, 410 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 9%. 8%. 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 9% O 8%. O 10% O 4%