Kris P. Bacon is considering purchasing a Bitz bond with semiannual payments having an annual coupon rate fixed at 7 percent. Its face value of $1,000 is payable in 12 years and the bond trades at $1,067.02. What is the expected annual yield on the Bitz bond? (

Use a Financial calculator to arrive at the answers. Do not round intermediate calculations. Round the final answer to 2 decimal places.) Annual yield on the Bitz bond %