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Volbeat Corporation has bonds on the market with 11.5 years to maturity, a YTM of 9.6 percent, and a current price of $947. The bonds

Volbeat Corporation has bonds on the market with 11.5 years to maturity, a YTM of 9.6 percent, and a current price of $947. The bonds make semiannual payments.

What must the coupon rate be on the bonds?

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