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General Matter’s outstanding bond issue has a coupon rate of 10.4%

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Question

General Matter’s outstanding bond issue has a coupon rate of 10.4%, and it sells at a yield to maturity of 8.50%.

The firm wishes to issue additional bonds to the public at face value. What coupon rate must the new bonds offer in order to sell at face value?

Coupon rate = _______%

 
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