Smiley Industrial Goods has bonds on the market making annual payments, with 13 years to maturity, and
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Question:
Smiley Industrial Goods has bonds on the market making annual payments, with 13 years to maturity, and selling for $1,095. At this price, the bonds yield 6.4 percent. What must the coupon rate be on these bonds?
Can you explain how to do the problem and the formula to get the answer.
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