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Some much-needed expansion projects

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Seether Co. wants to issue new 11-year bonds for some much-needed expansion projects. The company currently has 8.7 percent coupon bonds on the market that sell for $959.22, make semi-annual payments, and mature in 11 years. The company should set a coupon rate of _______ percent on its new bonds if it wants them to sell at par. (Do not include the percent sign (%). Round your answer to 1 decimal places.

Reference no: EM13722160

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