Current Attempt in Progress

On July $31,2024,$ Pharoah Inc. issued $\backslash (\backslash$$ $535,000\backslash )$ of $5-$year, $\backslash (4\backslash \%\backslash )$ bonds at $103.$ Interest is payable semi$-$annually on July $31$ and January $31.$ Pharoah's fiscal year end is January $31.$

$($a$)$

Is the market rate of interest higher or lower than $\backslash (4\backslash \%\backslash )?$

The market rate of interest is