(Answered) A businesss bonds sell for 110790 the bond life is 12

Finance

A business's bonds sell for $1,107.90. The bond life is 12 years, and the yield to maturity is 6.2%. What must be the coupon rate on the bonds? Assume coupons are paid once a year and the face value is $1,000. (Do not round intermediate calculations. Enter your response as a percentage rounded to one decimal place.)

coupon rate- __%
what is the coupon rate and can you show step by step on how to solve answer?

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