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Chamberlain Company wants to issue new 1 5 - year bonds for some much - needed expansion projects. The company currently has 8 . 8

Chamberlain Company wants to issue new 15-year bonds for some much-needed expansion projects. The company currently has 8.8 percent coupon bonds on the market that sell for $1,165.53, make semiannual payments, and mature in 15 years. What coupon rate should the company set on its new bonds if it wants them to sell at par? Assume a par value of $1,000.
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