A bond with a face value of $1,000 and 15 years remaining until maturity pays a coupon rate of 10%. Calculate its yield to maturity if it is priced at $1,250. (Round your answer to two decimal places.) YTM ___% compounded semiannually

Assume that: Bond interest is paid semiannually. The bond was originally issued at its face value. Bonds are redeemed at their face value at maturity. Market rates of return and yields to maturity are compounded semiannually.