A five-year bond is currently selling for $930.11. It has a face value of $1,000 and a market yield of 8 percent. Coupons are paid semi-annually. The coupon rate is closest to:

Name: A five-year bond is currently selling for $930.11. It has a face value of $1,000 and a market yield of 8 percent. Coupons are paid semi-annually. The coupon rate is closest to:
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Question

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N=10, I/Y = 4, FV=$1,000, PV=$-930.11, solve for PMT, then multiply by 2 and divide by FV.

A Five-Year Bond Is Currently Selling for $930