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Treasury bonds paying an 8.5% coupon rate with semiannual payments currently sell at par value. What coupon rate would they have to pay in order

Treasury bonds paying an 8.5% coupon rate with semiannual payments currently sell at par value. What coupon rate would they have to pay in order to sell at par if they paid their coupons annually? (Hint: What is the effective annual yield on the bond?) (Round your answer to 2 decimal places.)

Effective annual yield ___ %

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