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Barnes Enterprises has bonds on the market making annual payments, with 17 years to maturity, a par value of $1,000, and a price of $964.

Barnes Enterprises has bonds on the market making annual payments, with 17 years to maturity, a par value of $1,000, and a price of $964. At this price, the bonds yield 7.6 percent.

What must the coupon rate be on the bonds?

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