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Required information [The following information applies to the questions displayed below.] On January 1, 2024, Vacation Destinations issues $40 milion of bonds that pay interest

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Required information [The following information applies to the questions displayed below.] On January 1, 2024, Vacation Destinations issues $40 milion of bonds that pay interest semiannually on June 30 and December 31. Portions of the bond amortization schedule appear below: 5. What is the market annual interest rate? (Round your answer to the nearest whole percent.) (8) Answer is complete but not entirely correct

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