B. Jeti Express Bhd has successfully secured a new project in Lazadah Berjaya. In order to finance the project, Mr. Shopey, a Finance Director, proposes to issue bond at net price of 5% discount from of its par value. The new bond, which has a par value of $1,000, and a ten-year maturity period, will pay a 10% annual coupon. Determine the yield to maturity of the new bond assuming the interest is payable on a yearly basis (use the YTM formula). (8 marks)