discount-mart issues $17 million in bonds on january 1, 2021. the bonds have a seven-year term and pay interest semiannually on june 30 and december 31 each year. below is a partial bond amortization schedule for the bonds: date cash paid interest expense increase in carrying value carrying value 01/01/2021 $ 15,419,852 06/30/2021 $ 850,000 $ 925,191 $ 75,191 15,495,043 12/31/2021 850,000 929,703 79,703 15,574,746 06/30/2022 850,000 934,485 84,485 15,659,231 12/31/2022 850,000 939,554 89,554 15,748,785 what is the market annual rate of interest on the bonds? (hint: be sure to provide the annual rate rather than the six-month rate.)
