A company has bonds on the market that pay a 3% coupon, have 20 years to maturity, and have a YTM of 6%. The bonds make semi-annual payments. What is this bond's effective annual yield? Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit the % sign in your response. For example, an answer of 15.39% should be entered as 15.39.