The bond of Nichols Corp. is currently trading at $($price of a bond$)$ $$700\mathrm{.}00.$ The bond matures in $20$ years and has, today, a yield to maturity $($YTM$)$ of $8\%.$ This is a semiannual coupon bond with a par value of $$1,000.$

The coupon rate of this bond is $$

For the answer: round to the nearest $0\mathrm{.}01\%$; enter in $\%$ nomenclature BUT do not use the percentage $(\%)$ sign. For example, if your result is $8\mathrm{.}957\%($or $0\mathrm{.}08957)$ then enter $8\mathrm{.}96$ ; if your result is $6\%$ then enter $6\mathrm{.}00$