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Merton Enterprises has bonds on the market making annual payments, with 16 years to maturity, and is currently selling for $957. At this price, the

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Merton Enterprises has bonds on the market making annual payments, with 16 years to maturity, and is currently selling for $957. At this price, the bonds yield 9.0 percent. What must the coupon rate be on Merton's bonds? 1) 8.08% 2) 8.18% 3) 8.28% 4) 8.38% 5) 8.48%

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