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Problem 3: Coupon Rates. Gramme Enterprises has bonds on the market making annual payments, with 12 years to maturity, and selling for $1600. At this

Problem 3: Coupon Rates. Gramme Enterprises has bonds on the market making annual payments, with 12 years to maturity, and selling for $1600. At this price, the bonds yield 5.4%. What must the coupon rate be on Gramme's bonds? The coupon rate is %

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