Discount-Mart issues $15 million in bonds on January 1, 2024. 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: Date Cash Paid 01/01/2024 Interest Expense Increase in Carrying Value Carrying Value $13,130,668 06/30/2024 12/31/2024 $600,000 $656,533 $56,533 13,187,201 600,000 06/30/2025 659,360 59,360 13,246,561 600,000 662,328 62,328 13,308,889 12/31/2025 13,374,333 600,000 665,444 65,444 What is the stated annual rate of interest on the bonds? (Do not round your intermediate calculations.) A) 9% B) 8% C) 4% D) 10%