Compute the current yield of a(n) 10.5%, 20-year bond that is currently priced in the market at $1,175. Use annual compounding to find the promised yield on this bond. Repeat the promised yield calculation, but this time use semiannual compounding to find yield-to-maturity.

The current yield is 8.94%

The yield-to-maturity with annual compounding is 8.633%

The yield-to-maturity with semiannual compounding is ______% (round to three decimal places)