Prescott Corporation issued ten thousand $1,000 bonds on January 1, 2021. The bonds have a 10-year term and pay interest semiannually. This is the partial bond amortization schedule for the bonds. Effective Decrease in Interest Balance Payment Cash Outstanding Balance 11,487,747 11,432,379 11,375,350 11,316,611 400,000 400,000 400,000 400,000 344,632 342,971 341,261 55,368 57,029 58,739 What is the stated annual rate of interest on the bonds? Multiple Choice o o