General Matter’s outstanding bond issue has a coupon rate of 10.8%, and it sells at a yield to maturity of 8.75%. The firm wishes to issue additional bonds to the public. What coupon rate must the new...

General Matter’s outstanding bond issue has a coupon rate of 10.8%, and it sells at a yield to maturity of 8.75%. The firm wishes to issue additional bonds to the public. What coupon rate must the new bonds offer in order to sell at face value?
(Enter your answer as a percent rounded to 2 decimal places.)