A bond has a $1,000 face value, a market price of $989, and pays interest payments of $69.50 every year. What is the coupon rate??

A bond has a $1,000 face value, a market price of $989, and pays interest payments of $69.50 every year. What is the coupon rate? Multiple Choice 6.76 percent 7.00 percent 703 percent 6.95 percent 854 percent