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Steen Familie Ltd has bonds on the market making annual payments, with 13 years to maturity, and selling for R1,045. At this price, the bonds

Steen Familie Ltd has bonds on the market making annual payments, with 13 years to maturity, and selling for R1,045. At this price, the bonds yield 7.5 per cent. The par value of the bond is R1000. What must the coupon rate be on the bonds? Calculate using Excel.

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