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Gabriele Enterprises has bonds on the market making annual payments, with 1 6 years to maturity, a par value of $ 1 , 0 0

Gabriele Enterprises has bonds on the market making annual payments, with 16 years to maturity, a par value of $1,000, and selling for $970. At this price, the bonds yield 12 percent. What must the coupon rate be on the bonds?

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