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Catalina Corporation issued $1,000,000 of 8% bonds on January 1, 2020, due on January 1, 2022. The interest is to be paid annually on December

Catalina Corporation issued $1,000,000 of 8% bonds on January 1, 2020, due on January 1, 2022. The interest is to be paid annually on December 31. The bonds were sold to yield 5% effective annual interest. The Corporation closes its books annually on December 31.

What is the coupon rate?

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