1. A 26-year corporate bond has a $1,000 face value and is currently priced at $756.10. The bond makes annual interest payments. If the yield to maturity is 8.24 percent, what is the bonds coupon rate?

2. Flakes and Co. has a bond issue outstanding that matures in 10 years. The bonds have a par value of $1,000, a current market price of $940, and a yield to maturity of 11.5 percent. The bonds pay interest semiannually. What is the coupon rate on these bonds?