Assume that Kendal Corp. has an outstanding bond issue with a par value of $$1,000$ and a current market price of $$1,040\mathrm{.}70$ per bond. The bond has seven years remaining and a coupon rate of $6$ percent. $($Use Excel to answer this question. Enter your answer as a percent rounded to $2$ decimal places.$)$

a$.$ Find the current yield to maturity for the Kendal Corp. bond. $($Do not round intermediate calculations. Enter your answer as a percent, rounded to $2$ decimal places.$)$

Answer is complete and correct.

Yield to maturity

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