Bowdeen Manufacturing intends to issue callable, perpetual bonds with annual coupon payments. The bonds are callable at $1,205. One-year interest rates are 11 percent. There is a 60 percent probability that long-term interest rates one year from today will be 10 percent, and a 40 percent probability that long-term interest rates will be 8 percent. Assume that if interest rates fall, the bonds will be called. What coupon rate should the bonds have in order to sell at par value? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Coupon rate at par value