Problem $7-5$ Coupon Rates $[$LO$2]$

Nikita Enterprises has bonds on the market making annual payments, with eleven years to maturity, a par value of $$1,000,$ and selling for $$970.$ At this price, the bonds yield $7$ 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$.,32\mathrm{.}16.)$

Answer is complete but not entirely correct.

Coupon rate

$1\mathrm{.}92$

$\%$