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Berry Industries has a bond with a market price of $770.60 and a face value of $1,000. The bond has 10 years remaining to maturity.

Berry Industries has a bond with a market price of $770.60 and a face value of $1,000. The bond has 10 years remaining to maturity. Assuming a market interest rate of 12% and that the bond pays interest semiannually, calculate the ANNUAL coupon rate on the bond? (Round to nearest DOLLAR for your payment and round to the nearest whole percentage for the rate).

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