Consider the following bond where the coupons are paid annually,

Bond CIBC

Price $$1088\mathrm{.}50$

YTM $4\%$

Years to maturity $12$ years

What is the coupon rate of this bond? The face value of the bond is $$1,000.$ Enter your answer as a percentage. Do not include the percentage sign in your answer.

Enter your response below. Enter your answer rounded to $2$ DECIMAL PLACES.