On January 1, 2018, Album Co. issued $200,000 of ten-year bonds. Interest is payable semi-annually on June 30 and December 31. The bonds were sold for $185,953. A journal entry was prepared on June 30, the first interest payment date, to record interest expense of $13,016 and cash interest paid of $12,000. What is the annual stated interest rate for the bonds?
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