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My bond yield is 5.1 percent instead of 5.9. Please don't do an excel table, show me step by step the calculation. Ty. Coupon Rates

image text in transcribedMy bond yield is 5.1 percent instead of 5.9. Please don't do an excel table, show me step by step the calculation. Ty.

Coupon Rates [LO2] Essary Enterprises has bonds on the market making annual payments, with eight years to maturity, a par value of $1,000, and selling for $948. At this price, the bonds yield 5.9 percent. What must the coupon rate be on the bonds

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