GN Supply wants to issue new 10-year, $1,000 face value bonds at par. The company currently has 6.35 percent coupon bonds on the market that sell for $983.20, make semiannual interest payments, and mature in 10 years.
What coupon rate should the company set on its new bonds?
6.47 percent
6.37 percent
6.50 percent
6.58 percent
6.38 percent