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Cranston Industries just issued $1,000 par 30-year bonds. The bonds sold for $1,107.20 and pay interest semi-annually. Investors require a rate of 7.75% on the

Cranston Industries just issued $1,000 par 30-year bonds. The bonds sold for $1,107.20 and pay interest semi-annually. Investors require a rate of 7.75% on the bonds. What is the bonds' coupon rate?

can you pleas provide the formula?

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