What is the coupon rate (semiannual compounding) on a $1,000 par value bond that has 20 years
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Question:
What is the coupon rate (semiannual compounding) on a $1,000 par value bond that has 20 years remaining to maturity? The yield to maturity is 7% APR and the bond sells for $1,220. (please show work)
a. 45.30%
b. $45.30
c. 9.06%
d. 9.96%
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