A firm has bonds on the market making semiannual payments


A firm has bonds on the market making semiannual payments, with 20 years to maturity, and selling for $1020. At this price, the bonds yield 7%. What must the coupon rate be on the bonds?

Do not round intermediate calculations.

Enter your answer as a percentage.

Round your answer to the nearest hundredth of a percent.

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Business Management: A firm has bonds on the market making semiannual payments
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