What Must The Coupon Rate Be On These Bonds Business Finance Question Help

Hollin Corporation has bonds on the market with 23.5 years to maturity, a YTM of 7 percent, and a current price of $1,051. The bonds make semiannual payments.

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

 Coupon rate %  

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