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Richmond Pty Ltd has issued a 11 year bond with a par value of $1000. The bond makes annual coupon payment. The bond is currently

Richmond Pty Ltd has issued a 11 year bond with a par value of $1000. The bond makes annual coupon payment. The bond is currently trading at $1,217 and the current market rate is 7.8% (APR). Calculate the bond's annual coupon rate (in percentage).

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