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Merton Enterprises has bonds on the market making annual payments, with 15 years to maturity, and selling for $966. At this price, the bonds yield

Merton Enterprises has bonds on the market making annual payments, with 15 years to maturity, and selling for $966. At this price, the bonds yield 7.8 percent.

Required:

What must the coupon rate be on Mertons bonds? (Do not round intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16). )

Coupon rate %

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