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Large Industries annual bonds are selling at 9 6 . 3 ( i . e . , the price is 9 6 . 3 %

Large Industries annual bonds are selling at 96.3(i.e., the price is 96.3% of the $1,000
face value). There are 7 years remaining until maturity on the bonds and the yield to
maturity is 8.75%. Find the coupon rate. (Note: you may have to use a trial and error
solution method)
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