What must the coupon rate be on orages bonds

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Reference no: EM131045361

Orage Enterprises has bonds on the market making annual payments, with 13 years to maturity, face value of $1,000, and selling for $1,157.2. At this price, the bonds yield 8.4 percent. What must the coupon rate be on Orage’s bonds? (Enter rate in percents, not in decimals.)

Reference no: EM131045361

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