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Lanker Enterprises has bonds on the market making monthly payments, with 16 years to maturity, a par value of $1,000, and a price of $1254.49.

Lanker Enterprises has bonds on the market making monthly payments, with 16 years to maturity, a par value of $1,000, and a price of $1254.49. At his price, the bonds yield 12.14 percent. What must the coupon rate be on the bonds?

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