On January 1, 2024, Morton Sales Company issued zero-coupon bonds with a face value of $6 million for cash. The bonds ma

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answerhappygod
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On January 1, 2024, Morton Sales Company issued zero-coupon bonds with a face value of $6 million for cash. The bonds ma

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On January 1, 2024, Morton Sales Company issued zero-couponbonds with a face value of $6 million for cash. The bonds mature in10 years and were issued at a price of $3,050,100.
Note: Use tables, Excel, or a financialcalculator. (FV of $1, PV of $1, FVA of$1, PVA of $1, FVAD of $1 and PVAD of $1)
Required:
What was the annual effective interest rate in the market whenthe bonds were issued?
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