Answer:
6.95
Explanation:
Coupon rate = $69.50/$1,000 = .0695, or 6.95 percent
Based on the information given the Coupon rate is 6.95%.
Using this formula
Coupon rate=Interest payment/Face value
Where:
Interest payment=$69.50
Face value=$1,000
Let plug in the formula
Coupon rate=$69.50/$1,000
Coupon rate= .0695×100
Coupon rate=6.95%
Inconclusion the Coupon rate is 6.95%.
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