On April 15,2014,Cando Inc

question 30

Multiple Choice

On April 15,2014,Cando Inc.sold $10,000,000 of five-year,3% bonds for $9,972,469. From the proceeds,Cando paid its investment bank a $200,000 sales commission.
Interest is payable semi-annually on April 15 and October 15.What is the effective rate of interest?

• A)1.53%
• B)1.75 %
• C)3.00%
• D)3.50%

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