Answer :
Final answer:
The coupon rate for the bond is 5.7%.
Explanation:
The coupon rate for a bond is the annual interest payment as a percentage of the bond's face value. In this case, the bond pays semiannual payments of $28.50, so the annual interest payment is $28.50 * 2 = $57. The face value of the bond is $1,000. To calculate the coupon rate, divide the annual interest payment by the face value and multiply by 100:
Coupon Rate = ($57 / $1,000) * 100 = 5.7%
