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What must the coupon rate be on these bonds

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Reference no: EM131434618

DMA Corporation has bonds on the market with 13.5 years to maturity, a YTM of 7.4 percent, and a current price of $1,059. The bonds make semiannual payments and have a par value of $1,000.

What must the coupon rate be on these bonds? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Reference no: EM131434618

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