A bond portfolio has a current market value of $230,000,000. Bonds in the portfolio are expected to produce semi-annual cash flows of $17,000,000 for the next 10 years. What is the annual bond portfolio equivalent yield?

Round to 3 decimal places.

know that All cash flows occur at the end of the period.

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.