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Large Industries bonds sell for $1,093.93. The bond life is 14 years, and the yield to maturity is 7.4%. What must be the coupon rate

Large Industries bonds sell for $1,093.93. The bond life is 14 years, and the yield to maturity is 7.4%. What must be the coupon rate on the bonds? Assume coupons are paid once a year and the face value is $1,000. (Do not round intermediate calculations. Enter your response as a percentage rounded to one decimal place.) Coupon rate %

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