Sundance Corporation wants to raise some debt capital by issuing 20-year bonds. In the market, the firm has currently several thousand bonds with approximately 20 years remaining of the original 30-year bonds issued ten years ago. Those bonds are currently trading at $1,099.10, provide 6.00% quarterly coupons, and carry $1,000 face value. What semi-annual coupon rate should the firm set for the new bonds if they want to sell them for $1,197.48? Provide the answer in percentage to 2-decimal place accuracy. (in this problem we assume that the risk of Sundance default is not affected because of the new issue).