P7-22 Bond Yields [LO2] Chamberlain Co. wants to issue new 14-year bonds for some much-needed expansion projects. The company currently has 70 percent coupon bonds on the market that sell for $664.85, make semiannual payments, and mature in 14 years. What coupon rate should the company set on its new bonds if it wants them to sell at par? Assume a par value of $1,000. :27:33