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Garret Companys outstanding bonds have a $1,000 par value, and they mature in 25 years. Their nominal annual yield to maturity is 8.80%. They pay

Garret Companys outstanding bonds have a $1,000 par value, and they mature in 25 years. Their nominal annual yield to maturity is 8.80%. They pay interest semiannually, and sell at a price of $875 .What is the bonds nominal coupon interest rate? Please round your answer 2 decimal places.

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