Fincorp issues two bonds with 20 -year maturities. Both bonds are callable at $1,070. The first bond is issued at a deep discount with a coupon rate of 8% and a price of $480 to yield 17.6%. The second bond is issued at par value with a coupon rate of 18.50% Required: a. What is the yieid to maturity of the par bond? (Round your answer to 2 decimal places.)