What must the coupon rate be on merton bonds

Reference no: EM13296849

Merton Enterprises has bonds on the market making annual payments, with 15 years to maturity, and selling for $959. At this price, the bonds yield 8.8 percent.

Required:

What must the coupon rate be on Merton's bonds? (Do not include the percent sign (%). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16). )

Reference no: EM13296849

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