Xyz corporation issued $4,000,000 of 9%, ten-year convertible bonds on july 1, 2014 at 99 plus accrued interest. the bonds were dated april 1, 2014 with interest payable april 1 and october 1. bond discount is amortized semiannually on a straight-line basis. on april 1, 2015, $800,000 of these bonds were converted into 500 shares of $20 par value common stock. accrued interest was paid in cash at the time of conversion. what was the effective interest rate on the bonds when they were issued?

Value economics capital scarcity opportunity cost wealth labor trade-offs standard of living good a. condition of not having enough resources to produce all the things people want b. alternative choices made by consumers in the marketplace c. sum of those economic products that are tangible, scarce, useful, and transferable d. tools, equipment, machinery, and factories used in the production of goods and services e. tangible item that is economically useful or that satisfies an economic want f. quality of life based on the ownership of the necessities and luxuries that make life easier g. people with all their efforts, abilities, and skills h. cost of the next-best alternative use of money, time, or resources when one choice is made rather than another i. study of how people try to satisfy their needs through the careful use of scarce resources j. worth that can be expressed in dollars and cents