Baxter Co$.$ wants to issue new $16-$year bonds for some much$-$needed expansion projects. The company currently has $10$ percent coupon bonds on the market that sell fc

$\backslash (\backslash$$ $1,075\backslash ),$ make semiannual payments, and mature in $16$ years. Both bonds have a par value of $\backslash (\backslash$$ $1,000\backslash ).$ What coupon rate should the company set on its new bonds if it wants them to sell at par? $($Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

Coupon rate