Atlantis Company issued bonds on January 1, 2006. The bonds had a coupon rate of 5.0%, with interest paid semiannually. The face value of the bonds is $1,000 and the bonds mature on January 1, 2028. What is the yield to maturity for these bonds on January 1, 2020 if the market price of the bond on that date is $960? Submit your answer as a percentage and round to two decimal places.

(i) Describe and interpret the assumptions related to the problem.

(ii) Apply the appropriate mathematical model to solve the problem.

(iii) Calculate the correct solution to the problem.