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Hagelin Co. wants to issue new 18-year bonds for some much-needed expansion projects. The company currently has 9 percent coupon bonds on the market

Hagelin Co. wants to issue new 18-year bonds for some much-needed expansion projects. The company currently has 9 percent coupon bonds on the market that sell for $1,045, make semiannual payments, and mature in 18 years. Both bonds have a par value of $1,000. What coupon rate should the company set on its new bonds if it wants them to sell at par?

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