Question: Pembroke 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 $1,063, semiannual payments, and mature in 20 years. What coupon rate should the company set on its bonds them to sell at par? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16)