Arco Industries has a bond outstanding with 15 years to maturity, an 8.25% nominal coupon, semiannual payments, and a $1,000 par value. The bond has a 8.00% yield to maturity, but it can be called in 6 years at a price of $1,045. What is the bond's yield to call?

Hint: Calculate the bond's price based on the YTM, and then use that price to find the YTC.

Your answer should be betwern 4.08 and 10.64.