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Nash Company sells 8% bonds having a maturity value of $2,840,000 for $2,624,680. The bonds are dated January 1, 2020, and mature January 1,

Nash Company sells 8% bonds having a maturity value of $2,840,000 for $2,624,680. The bonds are dated January 1, 2020, and mature January 1, 2025. Interest is payable annually on January 1. (a) Your answer is correct. Determine the effective-interest rate. (Round answer to O decimal places, e.g. 18%.) The effective-interest rate 10 %

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