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QUESTION 3 Orage Enterprises has bonds on the market making annual payments, with 17 years to maturity, face value of $1,000, and selling for $1,102.4.

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QUESTION 3 Orage Enterprises has bonds on the market making annual payments, with 17 years to maturity, face value of $1,000, and selling for $1,102.4. At this price, the bonds yield 6.5 percent. What must the coupon rate be on Orage's bonds? (Enter rate in percents, not in decimals.)

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