Hollin corporation has bonds on the market with 225 years, Financial Management

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Hollin corporation has bonds on the market with 225 years

Hollin Corporation has bonds on the market with 22.5 years to maturity, a YTM of 6.9 percent, and a current price of $1,057. The bonds make semiannual payments.

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

Coupon rate %

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Financial Management: Hollin corporation has bonds on the market with 225 years

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Financial Management: Hollin corporation has bonds on the market with 225 years

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