Problem $6-8$ Coupon Rate $($LO$2)$

General Matter's outstanding bond issue has a coupon rate of $10\mathrm{.}4\%,$ and it sells at a yield to maturity of $8\mathrm{.}50\%.$ The firm wishes to issue additional bonds to the public. What coupon rate must the new bonds offer in order to sell at face value?

Note: Enter your answer as a percent rounded to $2$ decimal places.

Coupon rate