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: Interest Cash Paid Expense Increase in Carrying Value Date 01/01/2021 06/30/2021 12/31/2021 06/30/2022 12/31/2022 06/30/2023 12/31/2023 $8,100 8,100 8,100 8,100 8,100 8,100 $10,234 10,319 10,408 10,500 10,596 10,697 $2,134 2,219 2,308 2,400 2,496 2,597 Carrying Value $255,846 257,980 260,199 262,507 264,907 267,403 270,000 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.)