2&2 uorporauon 1ssueu bonus on January 1, 2U1U. '1 he bonus pay interest annually on December 31 each year. X2's accountant has projected the following amortization schedule from issuance until maturity: Cash Interest Decrease in Carrying Date Paid Expense Carrying Value Value 1/1/10 $104,212 12/31/11 $7,000 $6,253 $747 103,465 12/31/12 7,000 6,208 792 102,673 12/31/13 7,000 6,160 840 101,833 12/31/14 7,000 6,110 890 100,943 12/31/15 7,000 6,057 943 100,000 24. What is the annual stated interest rate on the bonds?
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