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Essary Enterprises has bonds on the market making annual payments, with seven years to maturity, a par value of $1,000, and selling for $974. At

Essary Enterprises has bonds on the market making annual payments, with seven years to maturity, a par value of $1,000, and selling for $974. At this price, the bonds yield 7.2 percent.

What must the coupon rate be on the bonds?

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