(Answered) On january12014 the company issued 10000000 of 5 bonds at

Accounting

On January1,2014, the company issued $10,000,000 of 5% bonds at par value that mature in 5 years on Dec31, 2018. Costs incurred in issuing the bonds were $500,000. Interest is paid on the bonds annually.

What is the effective interest rate under IFRS. (IRR)

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