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Barnes Enterprises has bonds on the market making annual payments, with 15 years to maturity, a par value of $1,000, and a price of $954.

Barnes Enterprises has bonds on the market making annual payments, with 15 years to maturity, a par value of $1,000, and a price of $954. At this price, the bonds yield 9.3 percent. What must the coupon rate be on the bonds?

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