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Barnes Co. has bonds on the market making annual payments, with 15 years to maturity, a par value of $1,000, and a price of $847.44.

Barnes Co. has bonds on the market making annual payments, with 15 years to maturity, a par value of $1,000, and a price of $847.44. At this price, the bonds yield 8.5 percent. What must the coupon rate be on the bonds?

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