AB Builders has 15-year bonds outstanding with a face value of $1,000 and a market price of $974. The bonds pay interest annually and have a yield to maturity of 4.03 percent. What is the coupon rate?
A. 3.80 percent
B. 4.20 percent
C. 4.25 percent
D. 3.75 percent
E. 3.95 percent
Answer: A. 3.80 percent
Business
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