What must the coupon rate be on bonds

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Reference no: EM131994854

Barnes Enterprises has bonds on the market making annual payments, with 16 years to maturity, a par value of $1,000, and a price of $957. At this price, the bonds yield 9 percent.

What must the coupon rate be on the bonds? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Reference no: EM131994854

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