Question: Devon Harris Company sells 10% bonds having a maturity value of $2,000,000 for $1,855,816 to yield 12%. The bonds are dated January 1, 2014, and

Devon Harris Company sells 10% bonds having a maturity value of $2,000,000 for $1,855,816 to yield 12%. The bonds are dated January 1, 2014, and mature January 1, 2019. Interest is payable annually on January 1.

please help calculate the effective interest rate.

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