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You are thinking of buying a bond from WindTunnel Inc. The term is 25 years, a face value of $1,000 and a market price of

You are thinking of buying a bond from WindTunnel Inc. The term is 25 years, a face value of $1,000 and a market price of $1,322. Assuming current rates on similar bonds yield 8%, calculate the annual coupon rate on the bond. (Round to nearest whole percentage). Hint: set up bond price formula and solve for the unknown. SHOW YOUR WORK

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