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The City of San Francisco issued a bond that currently trades for $1023. There are 14 years left until the bond matures. It carries a

The City of San Francisco issued a bond that currently trades for $1023. There are 14 years left until the bond matures. It carries a coupon rate of 5%; Interest is paid annually. If the city wanted to issue a new 14 year bond today priced at par. What coupon rate would it need to offer investors? (Round two decimal places)

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