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I have to find the coupon rate on a bond but every formula I find requires the coupon rate to already be configured. How do I work backwards to get what I need?
Example problem - Samantha's bonds sell for $1065.15. The bond life is 9 years and the yield to maturity is 7 percent. What must be the coupon rate on the bonds?
I don't understand why am having such trouble. Can anyone please help? Thanks.
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