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Ashes Divide Corporation has bonds on the market with 16 years to maturity, a YTM of 11.0 percent, and a current price of $1,266.50. The

Ashes Divide Corporation has bonds on the market with 16 years to maturity, a YTM of 11.0 percent, and a current price of $1,266.50. The bonds make semiannual payments. What must the coupon rate be on these bonds? (Do not round your intermediate calculations.)

14.58%

23.07%

29.22%

14.68%

11.51%

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