BDJ Co. wants to issue new 18-year bonds for some much-needed expansion projects. The company currently has 9.4 percent coupon bonds on the market that sell for $1,134, make semiannual payments, and mature in 18 years. Required: What coupon rate should the company set on its new bonds if it wants them to sell at par? (Do not round intermediate calculations. Round your answer to 2 decimal places (e. g., 32.16).)
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