Millenium Pink’s 7.5% bonds were issued ten years ago, and they mature in exactly 10 years. They are currently trading on the market and selling for $1,013.03. These bonds pay annual coupons. Millenium Pink plans to now issue new (annual coupon) bonds with a maturity of 10 years. In order for the new bonds to sell at par when issued, what coupon rate would these bonds have to carry? please show work step by step

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