Bobcat Depot has bonds on the market making annual payments, with 13 years to maturity, a par value of $1,000, and selling for $880. At this price, the bonds yield

11 percent. What must the coupon rate be on the bonds?

Bobcat Depot has bonds on the market making annual payments. with 13 years to maturity, a par value of $1,000, and selling for $880. At this price, the bonds yelid 11 percent. What must the coupon rate be on the bonds