Chamberlain Company wants to issue new 15-year bonds for some much-needed expansion projects. The company currently has 8.2 percent coupon bonds on the market that sell for $1,017.29, make semiannual payments, and mature in 15 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.

Multiple Choice

4.00%

7.70%

8.00%

8.30%

7.90%