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Volbeat Corporation has bonds on the market with 15 years to maturity, a YTM of 10.3 percent, and a current price of $954. The bonds

Volbeat Corporation has bonds on the market with 15 years to maturity, a YTM of 10.3 percent, and a current price of $954. The bonds make semiannual payments.

Required: What must the coupon rate be on the bonds?

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