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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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