ch6/q2

Nikita Enterprises has bonds on the market making annual payments, with 17 years to maturity, a par value of $1,000, and selling for $956. At this price, the bonds yield 9.1 percent. What must the coupon rate be on the bonds? Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16