On December 31, 2023, Blossom Bank enters into a debt restructuring agreement with Troubled Inc., which is now experiencing financial trouble. The bank agrees to restructure a $2.6-million, 11% note receivable issued at par by the following modifications: 1. Reducing the principal obligation from $2.6 million to $2.08 million 2. Extending the maturity date from December 31, 2023, to December 31,2026 3. Reducing the interest rate from 11% to 9% Troubled pays interest at the end of each year. On January 1,2027, Troubled inc, pays $2.08 million in cash to Blossom Bank for the principal. The market rate is currently 9%. Answer the following questions related to Blossom Bank (the creditor). Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. (a) What interest rate should Blossom Bank use to calculate the loss on the debt restructuring