On July $31,2024,$ Crane Inc. issued $$455,000$ of $5-$year, $4\%$ bonds at $101.$ Interest is payable semi$-$annually on July $31$ and January $31.$ Crane's fiscal year end is January $31.$

$($a$)$

Is the market rate of interest higher or lower than $4\%?$

The market rate of interest is