Chamberlain Co. wants to issue new 16-year bonds for some much-needed expansion projects. The company currently has 8.8 percent coupon bonds on the market that sell for $950.85, make semiannual payments, and mature in 16 years. What coupon rate should the company set on its new bonds if it wants them to sell at par? Assume a par value of $1,000.

A.9.30%

B.9.40%

C.4.70%

D.9.70%

E.9.10%