Crossfade Co. issued 15-year bonds two years ago at a coupon rate of 6.9 percent. The bonds make semiannual payments. If these bonds currently sell for 94 percent of par value, what is the YTM?

Hint: Your YTM equation should begin $940 = , and use Y/2 (half-year YTM) as the unknown discount rate. (Do not use YTM approximation formula.)