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5. Big Canyon Enterprises has bonds on the market making annual payments, with 12 years to maturity, a par value of $1000, and a price

5. Big Canyon Enterprises has bonds on the market making annual payments, with 12

years to maturity, a par value of $1000, and a price of $1030. At this price, the bonds yield 6.14 percent. What must the coupon rate be on the bonds?

Please show all the work, thank you

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