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Problem 14-7 Treasury bonds paying an 12.4% coupon rate with semiannual payments currently sell at par value. What coupon rate would they have to pay

Problem 14-7 Treasury bonds paying an 12.4% coupon rate with semiannual payments currently sell at par value. What coupon rate would they have to pay in order to sell at par if they paid their coupons annually? (Hint: What is the effective annual yield on the bond?) (Round your answer to 2 decimal places.) Effective annual yield

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