Save & Exle Discount Mart issues $15 million in bonds on January 1, 2021. The bonds have a nine year term and pay interest semiannually on June 30 and December 31 each year Below is a partial bond amortization schedule for the bonds Cash Paid Interest Expense Increase in Carrying Value Date 01/01/2021 06/30/2021 12/31/2021 06/30/2022 12/31/2022 $750,000 750, cee 750,000 750,000 $803 552 805,705 809,047 812,592 $52,552 55,795 59,047 62,590 Carrying Value $13,375,859 13,428,411 13,484, 116 13,543,163 13,605,753 What is the stated annual rate of interest on the bonds? (Hint Be sure to provide the annual rate rather than the six-month rate.)(Do not round your intermediate calculations.) Multiple Choice 1296 5 11% 109