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Exercise 14-7 (Part Level Submission) Riverbed Company sells 8% bonds having a maturity value of $1,700,000 for $1,511,507. The bonds are dated January 1, 2017,

Exercise 14-7 (Part Level Submission) Riverbed Company sells 8% bonds having a maturity value of $1,700,000 for $1,511,507. The bonds are dated January 1, 2017, and mature January 1, 2022. Interest is payable annually on January 1. (a) Determine the effective-interest rate. (Round answer to 0 decimal places, e.g. 18%.) The effective interest rate %

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