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Problem 7-5 Coupon Rates (LO2] Gabriele Enterprises has bonds on the market making annual payments, with twelve years to maturity, a par value of $1,000,
Problem 7-5 Coupon Rates (LO2] Gabriele Enterprises has bonds on the market making annual payments, with twelve years to maturity, a par value of $1,000, and selling for $972. At this price, the bonds yield 7.1 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.) Coupon rate %
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