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Buttercup Inc. just issued $ 5 , 0 0 0 par 3 0 - year bonds. Each bond was sold for $ 3 , 6

Buttercup Inc. just issued $

5, 000

par

30 -

year bonds. Each bond was sold for $

3, 647.35

and pay interest quarterly. Investors require a rate of

8.5 %

on the bonds. What is the bonds' coupon rate?

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