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Edward Lewis Company sells 8% bonds having a maturity value of $2,840,000 for $2,624,680.00. The bonds are dated January 1, 2025, and mature January

Edward Lewis Company sells 8% bonds having a maturity value of $2,840,000 for $2,624,680.00. The bonds are dated January 1, 2025, and mature January 1, 2030. Interest is payable annually on January 1. Click here to view factor tables. (a) Determine the effective-interest rate. (Round present value factor to 5 decimal places, eg. 1.25124 and final answer to O decimal places, e.g. 18%) The effective-interest rate %

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