Fincorp issues two bonds with 15-year maturities. Both bonds are callable at $1,120. The first bond is issued at a deep discount with a coupon rate of 7% and a price of $570 to yield 14.4%. The second bond is issued at par value with a coupon rate of 15.60%

Required:

a. What is the yield to maturity of the par bond? (Round your answer to 2 decimal places.)