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Wyland Co . wants to issue new 2 5 - year bonds for some much - needed expansion projects. The company currently has 8 percent

Wyland Co

.

wants to issue new

25 -

year bonds for some much

-

needed expansion projects. The company currently has

8

percent coupon bonds on the market that sell for $

1, 063,

make semiannual payments, and mature in

20

years. What coupon rate should the company set on its new bonds if it wants them to sell at par?

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