Problem 8.10

Maria Miller wants to invest in four-year bonds that are currently priced at $880.05. These bonds have a coupon rate of 6.7 percent and make semiannual coupon payments. What is the current market yield on this bond? (Round intermediate calculations to 5 decimal places, e.g. 1.25145 and final answer to 2 decimal places, e.g. 15.25%.)

Current market yield = ______%

Please show work, thank you.