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8 year bond pays interest every 6 months and has a maturity value of $ 1 , 0 0 0 . The current price

8 year bond pays interest every 6 months and has a maturity value of $1,000. The current price of this bond is $1,014.04 and investors require a YTM of 9 percent (nomin-' rate with semi-annual compounding). What is the annual coupon rate on this bond?

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