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NACD Corporation wants to issue new 18-year bonds for some much-needed expansion projects. The company has 11 percent bonds on the market that currently sell

NACD Corporation wants to issue new 18-year bonds for some much-needed expansion projects. The company has 11 percent bonds on the market that currently sell for $1,459.51, make semiannual payments, and mature in 18 years.

What should the coupon rate be on the new bonds if the firm wants to sell them at par?

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