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Kaiser Industries has bonds on the market making annual payments, with 18 years to maturity, a par value of $1,000, and a current price of

Kaiser Industries has bonds on the market making annual payments, with 18 years to maturity, a par value of $1,000, and a current price of $1,077.95. At this price, the bonds yield 7.5 percent. What is the coupon rate?

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