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Required information (The following information applies to the questions displayed below.) On January 1, 2021, Vacation Destinations issues $34 million of bonds that pay interest
Required information (The following information applies to the questions displayed below.) On January 1, 2021, Vacation Destinations issues $34 million of bonds that pay interest semiannually on June 30 and December 31. Portions of the bond amortization schedule appear below: (2) (3) (5) Cash Paid Interest (4) Increase in Carrying Value Carrying for Interest Expense Date 1/1/2021 6/30/2021 12/31/2021 $1,190,000 1,190,000 $1,267,586 1,270,689 $77,586 80,689 Value $31,689,644 31,767,230 31,847,919 5. What is the market annual interest rate? (Round your answer to the nearest whole percent.) Market annual interest rate %
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