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Novak Company sells 8% bonds having a maturity value of $1,430,000 for $1,321,582. The bonds are dated January 1,2020 , and mature January 1,2025. Interest

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Novak Company sells 8% bonds having a maturity value of $1,430,000 for $1,321,582. The bonds are dated January 1,2020 , and mature January 1,2025. Interest is payable annually on January 1. (a) Determine the effective-interest rate. (Round answer to 0 decimal places, eg. 18\%.)

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