Problem 15-8 Valuing Callable Bonds Bowdeen Manufacturing intends to issue callable, perpetual bonds with annual coupon payments. The bonds are callable at $1,175. One-year interest rates are 9 percent. There is a 60 percent probability that long-term interest rates one year from today will be 10 percent, and a 40 percent probability that they will be 8 percent. Assume that if interest rates fall the bonds will be called. Required: What coupon rate should the bonds have in order to sell at par value? (Do not include the percent sign (%). Round your answer to 2 decimal places. (e.g., 32.16)) Coupon rate %