Question $16(6$ points$)$

Mutt Enterprises issued a $$600$ face value bond a number of years ago that will mature in eight years. Similar bonds are yielding $8\%,$ and this bond is currently selling for $$1,292\mathrm{.}65.$ Assume bond coupons are paid semiannually. Compute the coupon rate on this bond. $($In the real world, we generally aren't asked to find coupon rates but this gives you practice with the bond pricing formula.$)$

Round intermediate calculations to four decimal places. Round the final answer to $2$ decimal places.

$($Hint: Substitute and solve for the coupon payment.$)$ No $\%$ sign. Include two decimal places in your answer.

A