On 1 January 2019, Setelo Bhd purchases 2,000 units of a quoted bond at a price of RM875 per units. The nominal value of the bond per unit is RM1,000. Transaction costs incurred amount to RM15,000 and a fee of RM5,000 is paid for advice received for the bond investment. The bond pays a fixed coupon rate of 5% annually on 31 December with the final coupon interest payable on 31 December 2024. The bond is redeemable by the issuer on 31 December 2024 at a premium of 10% over its nominal value. At 31 December 2019, the market price of the bond is RM928 per unit. Setelo records the investment as amortised costs and recognized interest income of RM170,916 for the year ended 31 December 2019. What is the effective interest rate of the bond investment?