I just want to know how do you get the 10%, im using the formula (1 + i)^n - 1 but I'm not gettting this number. I used 5 years for n and 8% for i.

Bonita Company sells 8% bonds having a maturity value of $2,290,000 for $2,116,380. The bonds are dated January 1, 2020, and mature January 1 2025. Interest is payable annually on January 1. Your Answer Correct Answer Your answer is correct. Determine the effective-interest rate. (Round answer to O decimal places, e.g. 18%.) The effective-interest rate 10 %