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Macon Inc. has bonds on the market with 32 years to maturity, a YTM of 7%, a par value of $1,000, and a current price

Macon Inc. has bonds on the market with 32 years to maturity, a YTM of 7%, a par value of $1,000, and a current price of $1,381.165. The bonds make semiannual payments. What must be the coupon rate be on these bonds?

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