Cranston Industries just issued $1,000 par 30-year bonds.The bonds sold for $1,107.20 and pay interest semi-annually.Investors require a rate of 7.75% on the bonds.What is the bonds' coupon rate?
A) 9.333%
B) 7.750%
C) 4.125%
D) 8.675%
Correct Answer:
Verified
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