Problem $6-8$ Coupon Rates $[$LO $2]$

Draiman Corporation has bonds on the market with $11$ years to maturity, a YTM of $9\mathrm{.}5$ percent, a par value of $$1,000,$ and a current price

of $$946.$ The bonds make semiannual payments. What must the coupon rate be on the bonds?

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

$\%$Draiman Corporation has bonds on the market with $11$ years to maturity, a YTM of $9\mathrm{.}5$ percent, a par value of $$1,000,$ and a current price of $$946.$ The bonds make semiannual payments. What must the coupon rate be on the bonds?

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