On January $1,2024,$ Morton Sales Company issued zero$-$coupon bonds with a face value of $\backslash (\backslash$$ $5\mathrm{.}5\backslash )$ million for cash. The bonds mature in $6$ years and were issued at a price of $\backslash (\backslash$$ $3,877,280\backslash ).$

Note: Use tables, Excel, or a financial calculator. $($FV of $\backslash$$$1,$ PV of $\backslash$$$1,$ FVA of $\backslash$$$1,$ PVA of $\backslash$$$1,$ FVAD of $\backslash$$$1$ and PVAD of $\backslash$$$1)$

Required:

What was the annual effective interest rate in the market when the bonds were issued?

Annual effective interest rate