Rhiannon Corporation has bonds on the market with 16.5 years to maturity, a YTM of 7.70 percent, and a current price of $1,065. The bonds make semiannual payments.

What must the coupon rate be on these bonds? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

Coupon rate

%