Seether Co. wants to issue new 13-year bonds for some much-needed expansion projects. The company currently has 9.6 percent coupon bonds on the...

Seether Co. wants to issue new 13-year bonds for some much-needed expansion projects. The company currently has 9.6 percent coupon bonds on the market that sell for $1,077.36, make semiannual payments, and mature in 13 years. What coupon rate (as a APR) should the company set on its new bonds if it wants them to sell at par? (Note: the yield to maturity of the old bonds can be used as the coupon rate for the new bonds.)

rev: 09_18_2012