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On January 1, 2011, Morton Sales Co. issued zero coupon bonds with a face value of $6 million for cash. The bonds mature in 10
On January 1, 2011, Morton Sales Co. issued zero coupon bonds with a face value of $6 million for cash. The bonds mature in 10 years and were issued at a price of $3,050,100
Required: What is the annual effective interest rate in the market when the bonds were issued?
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