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5 pts Garrett Company's outstanding bonds have a $1,000 par value, and they mature in 25 years. Their nominal annual yield to maturity is 8.80%.

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5 pts Garrett Company's outstanding bonds have a $1,000 par value, and they mature in 25 years. Their nominal annual yield to maturity is 8.80%. They pay interest semiannually, and sell at a price of $875. What is the bond's nominal coupon interest rate

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