Question: IBM is offering a 10-year bond, with a face value of $1000 and a coupon rate of 11% paid semiannually. The current annual interest rate

IBM is offering a 10-year bond, with a face value of $1000 and a coupon rate of 11% paid semiannually. The current annual interest rate is 4.5%. Find the interest rate, (please give an actually numberical value) under which the bond trades at par. Please show work. Also, I am very confused does the 11% coupon rate paid semiannually mean that the coupon rate for the year is actually 22% or does it just mean that 11% is the total rate paid twice a year.

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