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Whispering Company sells 8% bonds having a maturity value of $1,600,000 for $1,369,300. The bonds are dated January 1, 2017, and mature January 1, 2022.

Whispering Company sells 8% bonds having a maturity value of $1,600,000 for $1,369,300. The bonds are dated January 1, 2017, and mature January 1, 2022. Interest is payable annually on January 1.

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Determine the effective-interest rate. (Round answer to 0 decimal places, e.g. 18%.) The effective-interest rate

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