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Tutak Industries issued a $700 face value bond a number of years ago that will mature in eight years. Similar bonds are yielding 8%, and
Tutak Industries issued a $700 face value bond a number of years ago that will mature in eight years. Similar bonds are yielding 8%, and the Tutak bond is currently selling for $1,292.65. Assume bond coupons are paid semiannually. Compute the coupon rate on this bond. Round the answer to 2 decimal places. (In practice we generally arent asked to find coupon rates.)
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