Al Safa Inc. plans to issue new bonds to finance its new project. Al-Safa has identified a company of similar risk with an outstanding bond issue that has an 8 percent coupon rate paid semiannually having a maturity of ten years. This firm's bonds are currently selling for $1,091.96. If interest is paid annually for both bonds, what must the coupon rate of the new bonds be in order for the issue to sell at par?

Can you show me solution step by step but not on Excel