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A company has bonds on the market with 15 years to maturity, a YTM of 12 percent, and a current price of $752.23. The bonds

A company has bonds on the market with 15 years to maturity, a YTM of 12 percent, and a current price of $752.23. The bonds make semiannual payments. The coupon rate on these bonds must be __________ percent. (Round answer to 2 decimal places).

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