What coupon rate must the new bonds offer in order

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General Matter's outstanding bond issue has a coupon rate of 7% and a current yield of 7.6%, and it sells at a yield to maturity of 9.25%. The firm wishes to issue additional bonds to the public at par value. What coupon rate must the new bonds offer in order to sell at par? (Round your answer to 2 decimal places.)

Reference no: EM132410875

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