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Rhiannon Corporation has bonds on the market with 14.5 years to maturity, a YTM of 7.5 percent, and a current price of $1,061. The bonds

Rhiannon Corporation has bonds on the market with 14.5 years to maturity, a YTM of 7.5 percent, and a current price of $1,061. The bonds make semiannual payments.

PLEASE SHOW AND EXPLAIN ALL STEPS ALONG WITH FINANCIAL CALCULATOR STEPS IF POSSIBLE

What must be the coupon rate on these bonds?

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