Gabriele Enterprises has bonds on the market making annual payments, with nine years to maturity, a par value of $1,000 and selling for $978. at this price, the bonds yield 7.4 oercent

Check my work mode: This shows what is correct or incorrect for the work you have Problem 7-5 Coupon Rates (LO2] Gabriele Enterprises has bonds on the market making annual payments, with nine years to maturity, a par value of $1,000, and selling for $978. At this price, the bonds yield 7.4 percent What must the coupon rate be on the bonds? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Answer is complete but not entirely correct. Coupon rate 70.05 X %