QUESTION 1 Canadian Sea Rides Ltd. issues $8,000,000 of four-year, 4% bonds dated January 1, 20X5. Interest is payable on January 1 and July 1 each year. The market rate of interest is 3%. The bonds are sold (issued) for $8,299,437. Sea's lawyers charge a $100,000 fee for their work on the bond issue. What is the effective interest rate that Canadian Sea Rides Ltd, pays per period? a 1.5000% b. 1.6646% 01.3377% d. 2.0000%