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Discount-Mart issues $12 million in bonds on January 1, 2021. The bonds have a eight-year term and pay interest semiannually on June 30 and December 31 each year. Below is a partial bond amortization schedule for the bonds: Cash Paid Interest Expense Increase in Carrying Value Date 01/01/2021 06/30/2021 12/31/2021 06/30/2022 12/31/2022 $360,000 360,000 360,000 360,000 $424,069 426,632 429, 297 432,069 $64,069 66,632 69,297 72,069 Carrying Value $10,601,724 10,665,793 10,732, 425 10,801,722 10,873,791 What is the market annual rate of interest on the bonds? (Hint: Be sure to provide the annual rate rather than the six-month rate.) (Do not round your intermediate calculations.) Multiple Choice What is the market annual rate of interest on the bonds? (Hint: Be sure to provide the annual rate rather than the six-mon (Do not round your intermediate calculations.) Multiple Choice 8%. 3% 6% 7%