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On December 31,2020, Cullumber, Inc, sold $3,100,000 (face value) of bonds. The bonds are dated December 31,2020 , pay interest annually on December 31, and

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On December 31,2020, Cullumber, Inc, sold $3,100,000 (face value) of bonds. The bonds are dated December 31,2020 , pay interest annually on December 31, and will mature on December 31,2020. The following schedule was prepared by the accountant for 2020 On the basis of the above information, answer the following questions (a1) What is the stated interest rate for this bond issue

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