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RAK Co . wants to issue new 2 0 - year bonds for some much - needed expansion projects. The company currently has 6 .

RAK Co. wants to issue new 20-year bonds for some much-needed expansion
projects. The company currently has 6.4 percent coupon bonds on the market
that sell for $1,063, make semiannual payments, and mature in 20 years. What
coupon rate should the company set on its new bonds if it wants them to sell at
par?

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