Chamberlain Co. wants to issue new 19-year bonds for some much-needed expansion projects. The company currently has 9.2 percent coupon bonds on the market that sell for $804.61, make semiannual payments, and mature in 19 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.

• 11.80%

• 12.10%

• 5.90%

• 11.50%

• 11.70%