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Merton Enterprises has bonds on the market making annual payments, with 12 years to maturity, and selling for $963. At this price, the bonds yield

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Merton Enterprises has bonds on the market making annual payments, with 12 years to maturity, and selling for $963. At this price, the bonds yield 7.5 percent. Required What must the coupon rate be on Merton's bonds? (Do not round intermediate calculations. Round your answer to 2 decimal places (o.g, 32.16).) Coupon rate

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