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1 of 8 SHORT ANSWER FINISHO On January 1, 2019, Woodstock Corporation issued five-year term bonds with a face value of $700,000. Interest is payable annually on December 31. The bonds were issued for $727,300. The effective interest method of amortization is used Woodstock reported Bond Interest Expense of $65,457 on its income statement for the year ended December 31, 2019 Calculate the effective interest rate for these bonds. Enter