Goldstream Enterprises has bonds on the market making annual payments, with nine years to maturity, and selling for $948. At this price, the bonds yield 5.9%. What must the coupon rate be on the bonds? (Do not round Intermediate calculations. Round the final answer to 2 decimal places.) Coupon rate

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Goldstream Enterprises has bonds on the market making annual payments, with nine years to maturity, and selling for $948. At this
price, the bonds yield 5.9%.
What must the coupon rate be on the bonds? (Do not round Intermediate calculations. Round the final answer to 2 decimal places.)
Coupon rate
Transcribed Image Text:Goldstream Enterprises has bonds on the market making annual payments, with nine years to maturity, and selling for $948. At this price, the bonds yield 5.9%. What must the coupon rate be on the bonds? (Do not round Intermediate calculations. Round the final answer to 2 decimal places.) Coupon rate
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