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Larkspur Company sells 9% bonds having a maturity value of $2,300,000 for $2,212,810. The bonds are dated January 1,2020 , and mature January 1, 2025.

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Larkspur Company sells 9% bonds having a maturity value of $2,300,000 for $2,212,810. The bonds are dated January 1,2020 , and mature January 1, 2025. Interest is payable annually on January 1. (a) Your answer is incorrect. Determine the effective-interest rate. (Round answer to 0 decimal ploces, e.g. 18\%.) The effective-interest rate %

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