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A Pepsi bond pays semiannual coupons and has 15 coupons remaining. The face value of the bond is $1,000 and the bond price is $1,188.

A Pepsi bond pays semiannual coupons and has 15 coupons remaining. The face value of the bond is $1,000 and the bond price is $1,188. The YTM on the bond is 6%. What is the annual coupon rate on this bond? Show work

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