Determine the coupon rate

Reference no: EM1358603

Page Enterprises has bonds on the market making annual payments, with eight years to maturity, and selling for $988. At this price, the bonds yield 7.90 percent.

What must the coupon rate be on the bonds? (Round your answer to 2 decimal places. (e.g., 32.16))

Reference no: EM1358603

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