A bond with 15 years remaining until maturity is currently trading for 96 per 100 of par value. The bond has a coupon rate of 8% and makes semiannual coupon payments.

The bond offers the following embedded options:

• Putable after 5 years at 96
• Callable after 10 years at 105
• Callable after 11 years at 103
• Callable on coupon dates after year 12 at par

The bond's yield to first call is ______%