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P7-5 Coupon Rates [LO2 Kiss the Sky Enterprises has bonds on the market making annual payments, with 14 years to maturity, and selling for $960.

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P7-5 Coupon Rates [LO2 Kiss the Sky Enterprises has bonds on the market making annual payments, with 14 years to maturity, and selling for $960. At this price, the bonds yield 6.4 percent. What must the coupon rate be on the bonds? Multiple Choice 5.96% 6.06% 6.40% 11.92% 6.21%

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