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North Carolina Industries has bonds on the market making annual payments, with 15 years to maturity, and selling for $1,536.82 and the face value is

North Carolina Industries has bonds on the market making annual payments, with 15 years to maturity, and selling for $1,536.82 and the face value is $1,000. At this price, the bonds yield 7 percent. What is the coupon rate?

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