Question: Bronco High School issues $ 1 0 million in bonds on January 1 , 2 0 2 4 that pay interest semiannually on June 3

Bronco High School issues $10 million in bonds on January 1,2024 that pay interest semiannually on June 30 and December 31. A portion of the bond amortization schedule appears below:
DateCash PaidInterest ExpenseIncrease in Carrying ValueCarrying Value01/01/2024$8,800,00006/30/2024$400,000$440,000$40,0008,840,00012/31/2024400,000442,00042,0008,882,000
What is the stated annual interest rate? (Hint: Be sure to provide the annual rate rather than the six-month rate.)

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