Question: Caterpillar, Inc. currently has bonds outstanding with a par value of $1,000, a current price of $1,095, a YTM of 8.3 percent, and11 years

Caterpillar, Inc. currently has bonds outstanding with a par value of $1,000, a current price of $1,095, a

Caterpillar, Inc. currently has bonds outstanding with a par value of $1,000, a current price of $1,095, a YTM of 8.3 percent, and11 years to maturity. The bonds make semiannual payments. What must the coupon rate be on the bonds? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Coupon rate %

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