Question: Please answer and explain. 3. Large Industries annual bonds are selling at 110.20 (i.e., the price is $1102 for the $1,000 bond). There are 13

Please answer and explain. 3. Large Industries annual bonds are selling

Please answer and explain.

3. Large Industries annual bonds are selling at 110.20 (i.e., the price is $1102 for the $1,000 bond). There are 13 years remaining until maturity on the bonds and the yield to maturity is 6.75%. Find the coupon rate. (Note: you may have to use a trial and error solution method)

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