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Problem 3 Al-Diwan corporation has bonds on the market with 14.5 years to maturity, a YTM of 6.1%, and a current price of $1,038. The

Problem 3

Al-Diwan corporation has bonds on the market with 14.5 years to maturity, a YTM of 6.1%, and a current price of $1,038. The bonds make semi-annual payments. What must the coupon rate be on these bonds?

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