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Sweet Company sells 8% bonds having a maturity value of $1,580,000 for $1,460,210. The bonds are dated January 1,2020 , and mature January 1, 2025.

Sweet Company sells 8% bonds having a maturity value of $1,580,000 for $1,460,210. The bonds are dated January 1,2020 , and mature January 1, 2025. Interest is payable annually on January 1.

Determine the effective-interest rate. (Round answer to 0 decimal place,e.g. 18%)\

The effective-interest rate:________%

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