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Ashes Divide Corporation has bonds on the market with 12 years to maturity, a YTM of 8.4 percent, and a current price of $1,306.50. The

Ashes Divide Corporation has bonds on the market with 12 years to maturity, a YTM of 8.4 percent, and a current price of $1,306.50. The bonds make semiannual payments. What must the coupon rate be on these bonds? (Do not round your intermediate calculations.)

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