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Merton Enterprises has bonds on the market making annual payments, with 15 years to maturity, and selling for $971. At this price, the bonds yield

Merton Enterprises has bonds on the market making annual payments, with 15 years to maturity, and selling for $971. At this price, the bonds yield 8.3 percent.

Required: What must the coupon rate be on Merton's bonds?

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