A six-year, semiannual coupon bond is selling for $991.38. The bond has aface value of $1,000 and a yield to maturity of 9.19 percent. What is the coupon rate? Please show details to how you arrive to the answer.

Intermediate Financial Management (MindTap Course List)
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ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter4: Bond Valuation
Section: Chapter Questions
Problem 14P: Current Yield with Semiannual Payments A bond that matures in 7 years sells for $1,020. The bond has...
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A six-year, semiannual coupon bond is selling for $991.38. The bond has a
face value of $1,000 and a yield to maturity of 9.19 percent. What is the coupon rate?

Please show details to how you arrive to the answer.

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