Required information P10-10 Preparing a Bond Amortization Schedule for a Bond Issued at a Premium LO10-5 (The following information applies to the questions displayed below.) On January 1 of this year, Olive Corporation issued bonds. Interest is payable once a year on December 31. The bonds mature at the end of four years. Olive uses the effective interest amortization method. The partially completed amortization schedule below pertains to the bonds: Cash Interest Amortization Date January 1, Year 1 End of Year 1 End of Year 2 End of Year 3 End of Year 4 $ 1,980 $1,792 $ 188 Balance $ 44,799 44,611 44,415 203 2 1.768 44,000 P10-10 Part 7 7. What was the annual market rate of interest on the date the bonds were issued? (Enter your answer as a percentage rounded to 1 decimal place (i.e. 0.123 should be entered as 12.3).) Market rate of interest