Henley Corporation has bonds on the market with 13 years to maturity, a YTM of 9.9 percent, a par value of $1,000, and a current price of $950. The bonds make semiannual payments.

What must the coupon rate be on the bonds? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Coupon rate

%