Question: Problem 7 - 8 Coupon Rates [ LO 2 ] Draiman Corporation has bonds on the market with 1 6 . 5 years to maturity,

Problem 7-8 Coupon Rates [LO2]
Draiman Corporation has bonds on the market with 16.5 years to maturity, a YTM of 6.3 percent, a par value of $1,000, and a current price of $1,036. The bonds make semiannual payments. What must the coupon rate be on these bonds? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g.,32.16.)

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