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A company issued $ 8 , 0 0 0 , 0 0 0 face value bonds for $ 7 , 4 3 1 , 5

A company issued $8,000,000 face value bonds for $7,431,504, a price yielding 7%, compounded semiannually. The bonds pay interest totaling $240,000 every six months and will mature in ten years. The coupon rate associated with the bond issue is percent. (State your answer as a whole number, e.g.,09=9 percent. Do not include a percent sign in your answer.)
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