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Ponzi Corporation has bonds on the market with 23.5 years to maturity, a YTM of 7.00 percent, and a current price of $1,051. The bonds

Ponzi Corporation has bonds on the market with 23.5 years to maturity, a YTM of 7.00 percent, and a current price of $1,051. The bonds make semiannual payments.

What must the coupon rate be on these bonds?

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