Approximate coupon rate on the outstanding bond, Accounting Basics

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Approximate coupon rate on the outstanding bond

Problem:

The current required rate of return on a bond issued by Who LTD is 11 percent. ;Who has a bond issue outstanding that pays interest semiannually, is selling for $845 and matures in 8 years.

Requirement:

Question: What is the approximate coupon rate on the outstanding bond?

4.00%
8.00%
6.05%
10.68%

Note: Please show basic calculation

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Accounting Basics: Approximate coupon rate on the outstanding bond

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Accounting Basics: Approximate coupon rate on the outstanding bond

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