Chamberlain Co. wants to issue new 20-year bonds for some much-needed expansion projects. The company currently has 7 percent coupon bonds on the market that sell for $1,060, make semiannual payments, and mature in 15 years.
What coupon rate should the company set on its new bonds if it wants them to sell at par?
(Enter your answer as a percentage, omit the "%" sign in your response, and enter your answer with two decimal places. For example, 1.214% should be entered as 1.21.)