Question: A 1 0 - year bond with a 6 % coupon rate is issued with a face value of $ 1 , 5 0 0

A 10-year bond with a 6% coupon rate is issued with a face value of $1,500,000. Interest is paid annually on December 31st. The issue price was $1,394,646. What is the market rate of interest at the time of issue?

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