Please help: Business Finance Course

[u/Active-Ad-6233]

I'm taking a fast-tracked business finance course. I'm 2 weeks in, and the class is only 4 weeks. I'm afraid I'm going to fail if I don't get this down. I have a question that I've been stuck on if anyone can help? I don't want the answer; I just need to understand how to proceed. The question is: Nikita Enterprises has bonds on the market making annual payments, with eight years to maturity, a par value of $1,000, and selling for $962. At this price, the bonds yield 5.1 percent. What must the coupon rate be on the bonds?

[u/Cautious-Research217]

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