Question 6 Windsor Company sells 8% bonds having a maturity value of $2,840,000 for $2,624,680. The bonds are dated January 1, 2020, and mature January 1, 2025. Interest is payable annually on January 1. Your answer is correct. Determine the effective interest rate. (Round answer to 0 decimal places, e.g. 18%.) The effective interest rate 10 % SHOW SOLUTION LINK TO TEXT Your answer is partially correct. Try again. Set up a schedule of interest expense and discount amortization under the effective-interest method. (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answer to o decimal places, e.g. 38,548.) Schedule of Discount Amortization Effective-Interest Method Interest Discount Expense Amortized Interest Payable Carrying Amount of Bonds Year Jan. 1, 2020 2624680 Dec. 31, 2020 227200 x Dec. 31, 2021 227200 X Dec. 31, 2022 227200 X Dec. 31, 2023 227200 x Dec. 31, 2024 227200 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT