Problem:
Seether Co. wants to issue new 18-year bonds for some much-needed expansion projects. The company currently has 9.0 percent coupon bonds on the market that sell for $1,275.54, make semiannual payments, and mature in 18 years.
Required:
Question: What coupon rate should the company set on its new bonds if it wants them to sell at par?
Note: Please show guided help with steps and answer.