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Bonner Metals wants to issue new 20-year bonds for some much-needed expansion projects. The company Currently has 8.5 percent bonds on the market that sell

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Bonner Metals wants to issue new 20-year bonds for some much-needed expansion projects. The company Currently has 8.5 percent bonds on the market that sell for $959, make semiannual payments and mature in 16 years. What should the coupon rate be on the new bonds if the firm wants to sell them at par? 8.75 percent 9.23 percent 8.41 percent 8.99 percent 8.67 percent

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