Assume the zero-coupon yields on default-free securities are as summarized in the following table: 2 years 3 years Maturity Zero-Coupon Yields 1 year 6.50% 4 years 7.70% 5 years 8.00% 7.00% 7.40% Consider a four-year, default-free security with annual coupon payments and a face value of $1,000 that is issued at par. What is the coupon rate of this bond? The par coupon rate is 1%. (Round to two decimal places.)