Nikita Enterprises has bonds on the market making annual payments, with seven years to maturity, a par value of $1,000, and selling for $986. At this price, the bonds yield 7.8 percent. 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 %

Nikita Enterprises has bonds on the market making annual payments, with seven years to maturity, a par value of $1,000, and selling for $986. At this price, the bonds yield 7.8 percent. 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.)