Problem 9-5A Understand a bond amortization schedule (LO9-6) [The following information applies to the questions displayed below.] On January 1, 2018, Vacation Destinations issues $20 million of bonds that pay interest semiannually on June 30 and December 31. Portions of the bond amortization schedule appear below:

(1)	(2)	(3)	(4)	(5)
Date	Cash Paid for Interest	Interest Expense	Increase in Carrying Value	Carrying Value
1/1/2018				$18,578,760
6/30/2018	$600,000	$650,257	$50,257	18,629,017
12/31/2018	600,000	652,016	52,016	18,681,033
5. What is the market annual interest rate? 6. What is the total cash paid for interest assuming the bonds mature in 10 years? (Enter your answer in dollars, not millions. (i.e., $5.5 million should be entered as 5,500,000).)