Compute the effective rate of interest on the following long-term debts. Interest payments on the notes are made annually and interest payments on the bonds are made semiannually. Debt Fair Market Value of Receipt Face Value Life Stated Interest Note $10,000 $ 10,000 6 years 8% Note 35,056 100,000 8 years 0 Note 922 1,000 5 years 7 Bond 11,635 10,000 10 years 6 Bond 54,323 50,000 15 years 9