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20 years ago, Company A issued 30-year bonds with a face value of $1,000 each. Today, the market rate of return on these bonds is

20 years ago, Company A issued 30-year bonds with a face value of $1,000 each. Today, the market rate of return on these bonds is 6.9 percent and the market price is $945. The bonds pay interest annually. What is the coupon rate?

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