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What must the coupon rate be on these bonds

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Reference no: EM132053726

DMA Corporation has bonds on the market with 18.5 years to maturity, a YTM of 6.5 percent, and a current price of $1,048. The bonds make semiannual payments and have a par value of 51,000.

What must the coupon rate be on these bonds? (Enter 3.4% as 3.4 not 0.034)

Reference no: EM132053726

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