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The Last Dance Inc. has bonds on the market with 13 years to maturity. They have a par value of $1,000 and make annual coupon
The Last Dance Inc. has bonds on the market with 13 years to maturity. They have a par value of $1,000 and make annual coupon payments. Currently, they are selling for $880. At this price, the bonds yield 11 percent. What must the coupon rate be on the bonds?
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