Volbeat Corporation has bonds on the market with 16.5 years to maturity, a YTM of 10.6 percent, a par value of $1,000, and a current price of $942.
The bonds make semiannual payments. What must the coupon rate be on the bonds?
(Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)