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Whispering Company sells 8% bonds having a maturity value of $1,580,000 for $1.460,210. The bonds are dated January 1, 2020, and mature January 1, 2025.

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Whispering Company sells 8% bonds having a maturity value of $1,580,000 for $1.460,210. 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 decimal places, eg, 18%)

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