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BDJ Co. wants to issue new 20-year bonds for some much-needed expansion projects. The company currently has 9.0 percent coupon bonds on the market that
BDJ Co. wants to issue new 20-year bonds for some much-needed expansion projects. The company currently has 9.0 percent coupon bonds on the market that sell for $1,130, make semiannual payments, and mature in 20 years. Required: What coupon rate should the company set on its new bonds if it wants them to sell at par? (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).) Coupon rate %
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