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Problem 6-5 Coupon Rates [LO 21 Barnes Enterprises has bonds on the market making annual payments, with 14 years to maturity, a par value of

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Problem 6-5 Coupon Rates [LO 21 Barnes Enterprises has bonds on the market making annual payments, with 14 years to maturity, a par value of $1,000, and a price of $972. At this price, the bonds yield 84 peroent What must the coupon rate be on the bonds? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal Coupon rate places,e.g.32.16)

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