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Boricua Co. sells a bond it issued that has a 30-year maturity for $1,107.20. Investors require a rate of return on that type of bond

Boricua Co. sells a bond it issued that has a 30-year maturity for $1,107.20. Investors require a rate of return on that type of bond of 7.75%. The bond pays interest semi annually. How much is the coupon rate on that bond?

7,750% 8.675% 11.072% 9.375%

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