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X2 issued callable bonds on January 1, 2021. The bonds pay interest annually on December 31 each year, X2's accountant has projected the following amortization
X2 issued callable bonds on January 1, 2021. The bonds pay interest annually on December 31 each year, X2's accountant has projected the following amortization schedule from issuance until maturity. Interest Expense Decrease in Carrying Value Cash Paid Date 01/01/2021 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 $12,535 12,535 12,535 12,535 12,535 $11,873 11,894 11,727 11,642 11,549 $ 662 731 808 893 986 Carrying Value $ 113,080 112,418 111,687 110,880 109,987 109,000 What is the annual stated interest rate on the bonds
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