On June 30, 2018, Upton Inc. sold $3,000,000 (face value) of bonds. The bonds are dated June 30, 2018, pay interest annually on June 30, and will mature on June 30, 2021. The following schedule was prepared by the accountant for 2018. Annual Interest Period Interest to be Paid Interest Expense Unamortized Amortization Amount $75,000 Bond Carrying Value $2,925,000 1 $240,000 $263,250 $23,250 51,750 2,948,250 Instructions On the basis of the above information, answer the following questions. (Round your answer to the nearest dollar or percent.) 1. What is the stated interest rate for this bond issue? 2. What is the market interest rate for this bond issue?