You are CFO of Martingale Industries. Martingale currently has unsecured debentures that mature 12 years from now. The bonds have a $1000 face value, an annual coupon rate of 7.4%, and coupons are paid annually. The price of the bonds today is $1138. You now wish to sell new 12-year unsecured debentures and you want the new bonds to sell at their par value of $1000. What coupon rate do you need to set on the new issue? Assume that for both bond issues the next coupon payment will occur one year from now.