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Q5. You are required to solve the problem by a financial calculator. Nikita Enterprises has bonds on the market making annual payments, with eight years

Q5. You are required to solve the problem by a financial calculator.

Nikita Enterprises has bonds on the market making annual payments, with eight years to maturity, a par value of $1,000, and selling for $962. At this price, the bonds yield 5.1 percent. What must the coupon rate be on the bonds?

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