A bond's current yield equals the bond's fixed annual interest payment divided by its bond price. It is a measure of the current annual income (the total of both semiannual interest payments in dollars) expressed as a percentage when divided by the bond's current market price. You can calculate a bond's current yield with the current yield formula as follows: Current Yield = Current Annual Income Current Market Price Consider the following example: Suppose that Amber Ellis paid $880 for a $1,000 bond paying $45 per year in interest. Calculate the current yield of Amber's bond at the current market price of $880. Round your answer to the nearest 1/100th of a percent.