A 7.75% fixed coupon bond maturing on April 21, 2010 is priced at $995 on December 20, 2001. The bond is callable on December 20, 2005 for $1,150. What is the annual bond equivalent yield to call on December 20, 2001?

Round to 3 decimal places

A bond's par value is S1,000 unless specified otherwise.

A bond's coupons are paid semi-annually unless specified otherwise.

All stated interest rates are annual unless specified otherwise.

All cash flows occur at the end of the period.