The Gold Oil Co. wants to issue new 17-year bonds for some much-needed expansion projects. The company currently has 10.3% coupon bonds on the market that sell for $1,201, make semiannual payments, and mature in 17 years. The company should set what coupon rate on its new bonds if it wants them to sell at par? In other words, what is the pre-tax cost of debt to be used in the analysis of the expansion project? (Report answer in percentage terms and round to 2 decimal places. Do not round intermediate calculations)