Zhang Company Ifrs Company Sold 6 000 000 6 3 Year Bonds January 1 2016 Bonds Pay Semi Ann Q18677952

Zhang​ Company, an IFRS​ company, sold $6,000,000 of​ 6%, 3−yearbonds on January​ 1, 2016. The bonds pay semi−annual

interest each June 30 and December 31. It cost the company​$30,000 in bond issue costs. What is the effective semi−annual

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interest rate for the​ bonds? (Round your final answer to thenearest two decimal​ places.)

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