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Sheffield Company sells 8% bonds having a maturity value of $1,910,000 for $1,765,190. The bonds are dated January 1, 2020, and mature January 1, 2025.

Sheffield Company sells 8% bonds having a maturity value of $1,910,000 for $1,765,190. The bonds are dated January 1, 2020, and mature January 1, 2025. Interest is payable annually on January 1. (a) Determine the effective-interest rate. (Round answer to 0 decimal places, e.g. 18%.) The effective-interest rate %

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