PLEASE EXPLAIN HOW TO FIND "PER PERIOD YIELD" (0.011) thank you!!

1. Bond cash flows, bond pricing: A 7-year maturity bond with a coupon rate of 2% makes semiannual coupon payments. It has a face value of 1000. a. What is the price of this bond if the yield to maturity is 2.2%? There are 14 semi-annual periods, the coupon payment is 10 (=1000*0.02/2) and the per period yield is 0.011: (10/0.011)(1-1/(1.011):4) +1,000/1.011^14=987.09 (The quoted price is 98.71)