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Valley Manufacturing Inc. just issued $1,000 par 20-year bonds. The bonds sold for $956 and pay interest semiannually. Investors require a rate of 9% on

  1. Valley Manufacturing Inc. just issued $1,000 par 20-year bonds. The bonds sold for $956 and pay interest semiannually. Investors require a rate of 9% on the bonds. The bonds' coupon rate is closest to?

    9.37%

    8.52%

    6.37%

    7.38%

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