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GagaSwift is planning to issue new 16-year semi-annual coupon bonds. GagaSwift currently has 7.5% semi-annual coupon bonds outstanding maturing in 16 years. The market price

GagaSwift is planning to issue new 16-year semi-annual coupon bonds. GagaSwift currently has 7.5% semi-annual coupon bonds outstanding maturing in 16 years. The market price for these bonds is currently $1,046.25. If the financial intermediaries wanted to the new bonds to sell at par at issuance, what coupon rate would these new bonds carry?

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