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Donald Martin Company sells 8% bonds having a maturity value of $2,460,000 for $2,273,490.00. The bonds are dated January 1 , 2025 , and mature
Donald Martin Company sells 8% bonds having a maturity value of $2,460,000 for $2,273,490.00. The bonds are dated January 1 , 2025 , and mature January 1,2030 . Interest is payable annually on January 1. (a) Your answer is incorrect. Determine the effective-interest rate. (Round present value factor to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 18\%.) The effective-interest rate %
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