On July 1 2021, espresso industries issued $700000 of 12 % bonds, dated July 1. Interest is payable semiannually on June 30 and December 31. The bonds mature in three years. the market yield for bonds of similar risk and maturity is 14% . the proceeds to the bond issuer was 666633. bond issue cost was $40000. What is the effective interest rate of this bond? 12%, 14% 16.6%, 7%