Waterway Company sells 8% bonds having a maturity value of $1,420,000 for $1,312,340.The bonds are dated January 1, 2020, and mature January 1, 2025. Interest is payable annually on January 1. Determine the effective interest rate. (Round answer to O decimal places, e.g. 18%.) The effective interest rate % e Textbook and Media Set up a schedule of interest expense and discount amortization under the effective-interest method. (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g. 38,548.) Schedule of Discount Amortization Effective-Interest Method Interest Discount Expense Amortized Interest Payable Car Amount $ $ $ Year Jan. 1, 2020 Dec. 31, 2020 Dec. 31, 2021 Dec. 31, 2022 Dec. 31, 2023 Dec. 31, 2024