On January 1, 2021, Morton Sales Co. issued zero-coupon bonds with a face value of $6.8 million for cash. The bonds mature in 12 years and were issued at a price of $2,417,604. (FV of $1, PV of $1. FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: What was the annual effective interest rate in the market when the bonds were issued? Annual effective interest rate %