Merton Enterprises has bonds on the market making annual payments, with 18 years to maturity, and selling for $960. At this price, the bonds yield 8.7 percent. Required: What must the coupon rate be on Mertons bonds? (Do not include the percent sign (%). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16). )