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Harvison Corporation has bonds outstanding with a face value of $1,000. The required rate of return on these bonds is currently 12%, and interest

 

Harvison Corporation has bonds outstanding with a face value of $1,000. The required rate of return on these bonds is currently 12%, and interest is paid semiannually. The bonds mature in 7 years, and their current market value is $897 per bond: What is the annual coupon rate? Show your work.

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