Chamberlain Co. wants to issue new 17-year bonds for some much-needed expansion projects. The company currently has 11.6 percent coupon bonds on the market that sell for $1,265.48, make semiannual payments, and mature in 17 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. 8.60%

B.8.50%

C.8.30%

D.4.30%

E.8.90%