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A $1,000 par value bond has a current price of $944,33 and a maturity value of $1,000 and matures in 7 years. If interest is

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A $1,000 par value bond has a current price of $944,33 and a maturity value of $1,000 and matures in 7 years. If interest is paid semiannually and the bond is priced to yield 7%, what is the bond's annual coupon rate? The bonds annual coupon fate is 8. (Round to threo decimal places.)

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