What is the effective interest rate on the bonds

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Problem

On Jan. 1, 20x1, Yngwie Co. purchased P6,000,000, 10% bonds issued by Malmsteen, Inc. for P5,116,292. The bonds together with compounded interest are due on Dec. 31, 20x3. Get the instant assignment help. What is the effective interest rate on the bonds and how much is the carrying amount of the investment on Dec. 31, 20x2?

Reference no: EM133901590

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