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Somerville, Inc. just sold an issue of 30-year bonds for $1,207.20. Investors require a rate of return on these bonds of 7.75%. The bonds pay

Somerville, Inc. just sold an issue of 30-year bonds for $1,207.20. Investors require a rate of return on these bonds of 7.75%. The bonds pay interest semiannually. What is the coupon rate of the bonds? (Round to the nearest 0.001%.)

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