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Pina Company sells 8% bonds having a maturity value of $2,020,000 for $1,866,850. The bonds are dated January 1, 2020, and mature January 1, 2025.

Pina Company sells 8% bonds having a maturity value of $2,020,000 for $1,866,850. The bonds are dated January 1, 2020, and mature January 1, 2025. Interest is payable annually on January 1. Determine the effective-interest rate. (Round answer to 0 decimal places, e.g. 18%.)

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