Problem $6-22$ Bond Yields $[$lO $2]$

Uliana Company wants to issue new $18-$year bonds for some much$-$needed expansion projects. The company currently has $9\mathrm{.}9$ percent coupon bonds on the market that sell for $$1,139,$ make semiannual payments, have a par value of $$1,000,$ and mature in $18$ years. What coupon rate should the company set on its new bonds if it wants them to sell at par?

Note: Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

Coupon rate