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Gramme Enterprises has bonds on the market making annual payments, with 12 years to maturity, and selling for $1600. At this price, the bonds yield

Gramme Enterprises has bonds on the market making annual payments, with 12 years to maturity, and selling for $1600. At this price, the bonds yield 5.4%. What must the coupon rate be on Gramme's bonds? The coupon rate is ______%.

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