You were hired as a consultant to Company Ivory, whose target capital structure is 35% debt, 10% preferred stock, and 55% common equity. The firm's noncallable bonds mature in 20 years, have an X% annual coupon, a par value of $1,000, and a market price of $1,050.00. The yield on the preferred stock is 6.00%, the cost of retained earnings is 12%, and the tax rate is 40%. The firm will not be issuing any new stock and its weighted average cost of capital (WACC) is 9%. What is the closest value of X