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Looking for answer and formula. How the answer was found step by step. Coupon Rates- Essary Enterprises has bonds on the market making annual payments,

Looking for answer and formula. How the answer was found step by step.

Coupon Rates- Essary Enterprises has bonds on the market making annual payments, with eight years to maturity, a par value of $1000, and selling for $948. At this price, the bonds yield 5.9 percent. What must the coupon rate be on the bonds?

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