Problem $7-22$ Bond Yields $[$LO$2]$

Uliana Company wants to issue new $20-$year bonds for some much$-$needed expansion

projects. The company currently has $8$ percent coupon bonds on the market that sell for

$$1,065,$ make semiannual payments, and mature in $20$ 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$.,32\mathrm{.}16.)$

Coupon rate