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Swifty Company sells 8% bonds having a maturity value of $3,000,000 for $2,772,550. The bonds are dated January 1, 2020, and mature January 1, 2025.

Swifty Company sells 8% bonds having a maturity value of $3,000,000 for $2,772,550. The bonds are dated January 1, 2020, and mature January 1, 2025. Interest is payable annually on January 1.

The effective-interest rate?

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