Discount-Mart issues $18 million in bonds on January 1, 2021. 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: 7 Interest Expense Increase in Carrying Value Cash Paid Skaped Date 01/01/2021 06/30/2021 12/31/2021 06/30/2022 12/31/2022 $1,080,000 1,080,000 1,000,000 1,000,000 $1,133,255 1,136,983 1,140,972 1,145, 240 $53,255 56,983 60,972 65, 240 Carrying Value $16, 189,364 16,242,619 16,299,602 16,360,574 16,425,814 eBook What is the market annual rate of interest on the bands? (Hint: Be sure to provide the annual rate rather than the six-month rate.) (Do not round your intermediate calculations.) Multiple Choice 12% 14% O 13%