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OBrien Ltd.s outstanding bonds have a $1,000 par value, and they mature in 15 years. Their nominal yield to maturity is 7.00%, they pay interest

OBrien Ltd.s outstanding bonds have a $1,000 par value, and they mature in 15 years. Their nominal yield to maturity is 7.00%, they pay interest semiannually, and they sell at a price of $960. What is the bonds nominal (annual) coupon interest rate?

A.

6.10%

B.

7.00%

C.

3.28%

D.

6.57%

Please show work and how to do it on calculator, thank you!

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