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BC Corp. issued callable bonds on January 1, 2021. The bonds pay interest annually on December 31 each year. BC’s accountant has prepared the following amortization schedule from issuance until maturity: Date Cash Paid Interest Expense Decrease in Carrying Value Carrying Value 01/01/2021 $ 104,212 12/31/2021 $ 7,000 $ 6,253 $ 747 103,465 12/31/2022 7,000 6,208 792 102,673 12/31/2023 7,000 6,160 840 101,833 12/31/2024 7,000 6,110 890 100,943 12/31/2025 7,000 6,057 943 100,000 What is the annual market interest rate on the bonds

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