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Pembroke Co. wants to issue new 20-year bonds for some much-needed expansion projects. The company currently has 8 percent coupon bonds on the market that

Pembroke Co. wants to issue new 20-year bonds for some much-needed expansion projects. The company currently has 8 percent coupon bonds on the market that sell for $983, making annual payments, and mature in 20 years. What coupon rate should the company set on its new bonds if it wants to sell them to sell at par?

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