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Problem 7 - 5 Coupon Rates [ LO 2 ] Nikita Enterprises has bonds on the market making annual payments, with eight years to maturity,

Problem 7-5 Coupon Rates [LO2]
Nikita Enterprises has bonds on the market making annual payments, with eight years to maturity, a par value of $1,000, and selling for $964. At this price, the bonds yield 6.7 percent. 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 places, e.g.,32.16.)

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