Discount-Mart issues $20 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 01/01/2024 Cash Paid Interest Expense Increase in Carrying Value Carrying Value $17,468,141 06/30/2024 $600,000 $698,726 $98,726 17,566,867 12/31/2024 600,000 702,675 102,675 17,669,542 06/30/2025 600,000 706,782 106,782 17,776,324 12/31/2025 600,000 711,053 111,053 17,887,377 D 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.)