On April 1,2017,a company sold $3,500,000 of ten year,6% bonds for $2,222,400.
From the proceeds,the company paid $200,000 sales commission.Interest is payable semi-annually on April 1 and October 1.What is the effective rate of interest (round to 2 decimal places)?
A)6.25%
B)6.98%
C)9.81%
D)11.46%