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Zhang Company, an IFRS company, sold $6,000,000 of 6%, 3year bonds on January 1, 2016. The bonds pay semiannual interest each June 30 and December

Zhang Company, an IFRS company, sold $6,000,000 of 6%, 3year bonds on January 1, 2016. The bonds pay semiannual

interest each June 30 and December 31. It cost the company $30,000 in bond issue costs. What is the effective semiannual

interest rate for the bonds? (Round your final answer to the nearest two decimal places.)

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