Tomkin Library System issues $$5$ million in bonds on January $1,2024$ that pay interest semiannually on June $30$ and December $31.$ A portion of the bond

amortization schedule appears below:

What is the stated annual interest rate? $($Hint: Be sure to provide the annual rate rather than the six$-$month rate.$)$

Multiple Choice

$8\%$

$5\%$

$4\%$

$10\%$