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Q7. Ally Financial Inc. issues a bond with 10 years until maturity at a current market price of $1,035.60. The face value is $1,000 and

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Q7. Ally Financial Inc. issues a bond with 10 years until maturity at a current market price of $1,035.60. The face value is $1,000 and interest is paid semiannually. The yield to maturity on this bond is 7.52 percent. What is the coupon rate? [3 marks]

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