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Jorge Corp issued 520,000 of 6%, 10year bonds on January 2, 2018 for 510,000. In addition, the company incurred $50,000 in bond issue costs. Interest

Jorge Corp issued 520,000 of 6%, 10year bonds on January 2, 2018 for 510,000. In addition, the company incurred $50,000 in bond issue costs. Interest is paid annually. What is the effective interest rate for the bonds given the information provided? Round your answer to two decimal places.

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