What must the coupon rate be on mertons bonds

Reference no: EM13256444

Merton Enterprises has bonds on the market making annual payments, with 17 years to maturity, and selling for $956. At this price, the bonds yield 9.1 percent.

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.

Reference no: EM13256444

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