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Garland Corporation has a bond outstanding with a $80 annual interest payment, a market price of $870, and a maturity date in five years. Assume
Garland Corporation has a bond outstanding with a $80 annual interest payment, a market price of $870, and a maturity date in five years. Assume the par value of the bonds is $1,000.
Find the following (Round your answers to 2 decimal places. Omit the "%" sign in your response): |
(a) The coupon rate | % |
(b) The current rate | % |
(c) The approximate yield to maturity | % |
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