A company has bonds on the market that pay a 8% coupon, have 25 years to maturity, and have a YTM of 5%. 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 16.29% should be entered as 16.29.