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Brian Lee Company sells 8% bonds having a maturity value of $1,580,000 for $1,460,210.00. The...

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Accounting

Brian Lee Company sells 8% bonds having a maturity value of $1,580,000 for $1,460,210.00. The bonds are dated January 1,2025,
and mature January 1,2030. Interest is payable annually on January 1.
Click here to view factor tables.
(a)
Determine the effective-interest rate. (Round present value factor to 5 decimal places, e.g.1.25124 and final answer to 0 decimal
places, e.g.18%.)
The effective-interest rate
%
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(b)
The parts of this question must be completed in order. This part will be available when you complete the part above.
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