Merton Enterprises has bonds on the market making annual payments, with 15 years to maturity, and selling for $959. At this price, the bonds yield 8.8 percent.
Required:
What must the coupon rate be on Merton's bonds? (Do not include the percent sign (%). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16). )