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Big Canyon Enterprises has bonds on the market making annual payments, with 15 years to maturity, a par value of $1,000, and a price of$959.

Big Canyon Enterprises has bonds on the market making annual payments, with 15 years to maturity, a par value of $1,000, and a price of$959. At this price, the bonds yield 8.8 percent.

What must the coupon rate be on the bonds?(Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

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