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Seether Co. wants to issue new 11-year bonds for some much-needed expansion projects. The company currently has 10.3 percent coupon bonds on the market that

Seether Co. wants to issue new 11-year bonds for some much-needed expansion projects. The company currently has 10.3 percent coupon bonds on the market that sell for $1,190.59, make semiannual payments, and mature in 11 years. The company should set a coupon rate of _______ percent on its new bonds if it wants them to sell at par.

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