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Make semi-annual payments and mature in 20 years what

SAC Metals wants to issue new 20-year bonds for some much-needed expansion projects. The company currently has 9.5% coupon rate bonds that sell for $988, make semi-annual payments, and mature in 20 years. What should the coupon rate be on the new bonds?

11.64%
9.50%
CANNOT DETERMINE WITHOUT FURTHER INFO
10.50%
9.64%

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Finance Basics: Make semi-annual payments and mature in 20 years what

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