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Rhiannon Corporation has bonds on the market with 13.5 years to maturity, a YTM of 7.40 percent, and a current price of $1,059. The bonds

Rhiannon Corporation has bonds on the market with 13.5 years to maturity, a YTM of 7.40 percent, and a current price of $1,059. The bonds make semiannual payments.

What must the coupon rate be on these bonds?

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