Barnes enterprises has bonds on the market making annual, Financial Management

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Barnes enterprises has bonds on the market making annual

Barnes Enterprises has bonds on the market making annual payments, with 14 years to maturity, a par value of $1,000, and a price of $972. At this price, the bonds yield 8.4 percent.

What must the coupon rate be on the bonds? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Coupon rate %

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Financial Management: Barnes enterprises has bonds on the market making annual

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