Question: On September 1 , 2 0 2 4 , Pharoah Corporation issued $ 5 7 5 , 0 0 0 of 1 0 - year,

On September 1,2024, Pharoah Corporation issued $575,000 of 10-year, 3% bonds at 97. Interest is payable semi-annually on September 1 and March 1. Pharoah's fiscal year end is February 28. Is the market rate of interest higher or lower than 3%?

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