Tony Hawk's Adventure (THA) issued callable bonds on January 1, 2021. THA's accountant has projected the following amortization schedule from issuance until maturity: Increase in Interest Carrying Carrying Date 01/01/2021 Cash Paid Expense Value Value $341,728 06/30/2021 $14,400 $17,086 $2,686 344,414 12/31/2021 14,400 17,221 2,821 347,235 06/30/2022 14,400 17,362 2,962 350,197 12/31/2022 14,400 17,510 3,110 353,307 06/30/2023 14,400 17,665 3,265 356,572 12/31/2023 14,400 17,828 3,428 360,000 What is the annual stated interest rate 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 9%. 8%.