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General Matter's outstanding bond issue has a coupon rate of 10.6%, and it sells at a yield to maturity of 8.70%. The firm wishes to

General Matter's outstanding bond issue has a coupon rate of 10.6%, and it sells at a yield to maturity of 8.70%. The firm wishes to issue additional bonds to the public. What coupon rate must the new bonds offer in order to sell at face value?(Enter your answer as a percent rounded to 2 decimal places.)

What is the coupon rate?

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