Help Save & Exit Discount-Mart issues $12 million in bonds on January 1, 2021. The bonds have a seven-year term and pay interest somiannually on June 30 and December 31 each year Below Is a partial bond amortization schedule for the bonds: Interest Increase in Carrying Cash Paid Expense Carrying Value Value 01/01/2021 $10,950,544 06/30/2021 $720,000 $766,538 $46,538 10,997,082 12/31/2021 720.000 769,796 49.796 11,046,678 06/30/2022 720,000 773, 281 53,281 11,100,159 12/31/2022 720,000 777,011 57.011 11,157,170 Date What is the market annual rate of interest on the bonds?/Hint Be sure to provide the annual rate rather than the six month rate) (Do not round your intermediate calculations.) Multiple Choice O 13 12% O