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Zhang Company, an IFRS company, sold $8,000,000 of 6%, 3-year bonds on Jan 1, 2016. The bonds pay interest each Dec 31. It cost the

Zhang Company, an IFRS company, sold $8,000,000 of 6%, 3-year bonds on Jan 1, 2016. The bonds pay interest each Dec 31. It cost the company $30,000 in bond issue costs. The bonds were sold at par. What os the effective interest rate for the bonds?

answer: 6.14%

Can you please show me the the calculation for this answer?

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