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The Toussaint business is attempting to issue new 1 5 year bonds for expansion projects. The company has 1 0 . 4 % coupon bonds

The Toussaint business is attempting to issue new 15 year bonds for expansion projects. The company has 10.4% coupon bonds that sell for $1,131.86, make semiannual payments, and in 15 years matures. What is the coupon rate that the company should set on its new bonds if it wants them to sell at par? Assume that the par value is $1,000. Multiple choice: a.8.80%, b.8.50%, c.9.10% d.8.70%, e.4.40%

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