Question: PLEASE USE EXCEL AND SHOW WORK WILL GIVE THUMBS UP Tutak Industries issued a $1,000 face value bond a number of years ago that will

PLEASE USE EXCEL AND SHOW WORK WILL GIVE THUMBS UP Tutak IndustriesPLEASE USE EXCEL AND SHOW WORK WILL GIVE THUMBS UP

Tutak Industries issued a $1,000 face value bond a number of years ago that will mature in eight years. Similar bonds are yielding 8%, and the Tutak bond is currently selling for $1,291.31. Compute the coupon rate on this bond. (In practice, we generally aren't asked to find coupon rates.) (Hint: Substitute and solve for the coupon payment.) 11

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