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Happy Valley Corporation has bonds on the market with 14.5 years to maturity, a YTM of 6.8 percent, and a current price of $924. The

Happy Valley Corporation has bonds on the market with 14.5 years to maturity, a YTM of 6.8 percent, and a current price of $924. The bonds make semiannual payments. Assume the par value of a bond is $1,000.

What must the coupon rate be on these bonds?

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