FINANCE-Essary Enterprises has bonds on the market making annual payments

QUESTION

Essary Enterprises has bonds on the market making annual payments, with eleven years to maturity, a par value of $1,000, and selling for $970. At this price, the bonds yield 7 percent.What must the coupon rate be on the bonds? ( answer as a percent rounded to 2 decimal places, e.g., 32.16.)

ANSWER:

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