Previously, we have used four-wave mixing via coherent population trapping to achieve optical phase conjugation (OPC) with high gain, using two dye lasers and a sodium vapor cell. The /spl Lambda/ transition used involved the two hyperfine ground states and one excited state, so that two different optical frequencies were needed to satisfy the two-photon resonant condition between the probe and one of the pump beams. Later, we demonstrated in rubidium that a single hyperfine transition with Zeeman sublevels is enough to achieve OPC with equally high gain, thus eliminating the need for high-frequency sideband generation. However, in order to guarantee that the diffraction from the grating is primarily dispersive, the backward pump beam had to be detuned by about 60 MHz from the probe and the forward pump. One of the key disadvantages of such a nondegenerate scheme is that applications such as phase-conjugate mirrors are hard to implement. Here, we report the observation of optical phase conjugation in rubidium with equally high gain, but all the frequencies are degenerate.