Company X needs to sell new bonds for financing purpose. Company X's currently outstanding bonds have a $ 1000 par value, a 10 % coupon rate, and pay interest semi annually. The outstanding bonds have 25 years remaining to maturity, are callable after 5 years at a price of $ 1,090, and currently sell at a price of $ 700. The yield curve is expected to remain at. On the basis of these data, what is the best estimate of company's nominal interest rate on the new bonds it plans to sell