An investor must choose between two bonds:

Bond A pays $90 annual interest and has a market value of $815. It has fifteen years to maturity.

Bond B pays $81 annual interest and has a market value of $700. It has eight years to maturity.

Assume the par value of the bonds is $1,000.

A drawback of current yield is that it does not consider the total life of the bond. For example, the approximate yield to maturity on Bond A is 11.51 percent.

What is The exact yield to maturity?