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

BDJ Co$.$ wants to issue new $25-$year bonds for some much$-$needed expansion projects.

The company currently has $4\mathrm{.}8$ percent coupon bonds on the market that sell for $$1,028,$

make semiannual payments, have a $$1,000$ par value, and mature in $25$ years. 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$.,32\mathrm{.}16.)$