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RAK Co wants to issue new 18-year bonds for some much needed expansion projects The company currently has 10 percent coupon bonds on the market

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RAK Co wants to issue new 18-year bonds for some much needed expansion projects The company currently has 10 percent coupon bonds on the market that sell for $1.075, make semiannual payments, and mature m 18 years. What coupon rate should the company set on its new bonds if it wants them to sell at par? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g.. 32.16.) Coupon rate % References Worksheet Problem 8.21 Bond Yields

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