What must the annual coupon rate be on the bonds

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Reference no: EM13847048

Kathy wants to buy bonds on the market with 10.5 years to remaining maturity, a current yield to maturity of 10%, and current price of 102 (total par - $1,000,000). The bonds make semi annual payments. What must the annual coupon rate be on the bonds?

Reference no: EM13847048

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