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Chamberlain Company wants to issue new 2 0 - year bonds for some much - needed expansion projects. The company currently has 1 1 .

Chamberlain Company wants to issue new 20-year bonds for some much-needed expansion projects. The company currently has 11.2 percent coupon bonds on the market that sell for $954.29, make semiannual payments, and mature in 20 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.
5.90%
12.10%
11.50%
11.80%
11.70%

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