Chamberlain Co. wants to issue new 19-year bonds for some much-needed expansion projects. The company currently has 10 percent coupon bonds on the market that sell for $1,050, make semiannual payments, and mature in 19 years. What coupon rate should the company set on its new bonds if it wants them to sell at par

coupon rate on the new bonds should be 9.43%

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Explanation:

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