Wyland Co. wants to issue new 20-year bonds for some much-needed expansion projects. The company currently has 7 percent coupon bonds on the market that sell for $1,085, make semiannual payments, and mature in 20 years.
What coupon rate should the company set on its new bonds if it wants them to sell at par? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. (e.g., 32.16).)
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