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Apollo Chariots Inc's bonds have a face value of $ 1 , 0 0 0 , a YTM of 8 % , currently sell for

Apollo Chariots Inc's bonds have a face value of $

1, 000,

a YTM of

8 %,

currently sell for $

1, 020,

and mature in

7

years. If the bonds pay semi

-

annual coupons, what is their annual coupon rate?

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