(Solved): Nikita Enterprises has bonds on the market making annual payments, with 17 years to maturity, a par ...

Nikita Enterprises has bonds on the market making annual payments, with 17 years to maturity, a par value of $\$1,000$, and selling for $\$964$. At this price, the bonds yield 7.6 percent. What must the coupon rate be on the bonds? Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16 . Answer is complete but not entirely correct.