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Nikita Enterprises has bonds on the market making annual payments, with 1 8 years to maturity, a par value of $ 1 , 0 0

Nikita Enterprises has bonds on the market making annual payments, with

18

years to maturity, a par value of $

1, 000,

and selling for $

965 .

At this price, the bonds yield

7.7

percent. What must the coupon rate be on the bonds?

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