Discount-Mart issues $15 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: Interest Expense Cash Paid Increase in Carrying Value Date 01/01/2021 06/30/2021 12/31/2021 06/30/2022 12/31/2022 $ $450,000 450,000 450,000 450,000 $518,458 521, 196 524,044 527,006 $68,458 71, 196 74,044 77,006 Carrying Value $12,961,451 13,029,909 13,101,105 13,175,149 13,252, 155 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 3% 8%. O 6%. O 7%