What must the coupon rate be on these bonds

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Rhiannon Corporation has bonds on the market with 16.5 years to maturity, a YTM of 7.70 percent, and a current price of $1,065. The bonds make semi-annual payments.

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

Reference no: EM13721844

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