how did they get 8.98 effective interest rate witout using the excel function

es vedsred at Amortized Cost (Bonds Payable) On January 1, Year 1, Keane Corp. issued $1,000,000 of 5 percent bonds at face val lue. The bonds pay interest annually and mature on December 31, Year 2. The company incurred bank and legal fees of $70,000 in conjunction with issuing the bonds. Under IFRS, the debt issuance fair costs reduce the fair value of the liability. The value of the bonds payable at the date of issuance is $930,000 [$1,000,000 $70,000]. The entry to initially recognize the liability is: January 1, Year 1 Cash $930,000 Bonds Payable $930,000 Subsequent to initial recognition, the bonds payable are measured at amortized cost. The difference between the fair value of the bonds at the date of issuance and their face value is amortized to expense over the life of the bonds using the effec- tive interest rate method. The effective interest rate is 8.98 percent, calculated as the internal rate of return of the following stream of payments