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

Henley Corporation has bonds on the market with $10\mathrm{.}5$ years to maturity, a YTM of $5\mathrm{.}7$

percent, a par value of $$1,000,$ and a current price of $$945.$ The bonds make semiannual

payments. What must the coupon rate be on the bonds? $($Do not round intermediate

calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,$

$32\mathrm{.}16.)$

Coupon rate

$\%$