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3 1 . The market price of a $ 1 0 0 0 par value, semi - annual payment bond is $ 9 5 6

31. The market price of a $1000 par value, semi-annual payment bond is $956.76. If this bond has 27 years remaining to maturity and a yield to maturity of 6.30%, what is the bonds annual coupon rate? (Record your answer rounded to 2 decimal places; for example, record 0.1493824=14.93824% as 12.94).

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