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(Ralated to Checkpoint 8.2). (Yield to maturity) The market price is $725 for a 16 -year bond ( $1,000 par value) that pays 11 percont

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(Ralated to Checkpoint 8.2). (Yield to maturity) The market price is $725 for a 16 -year bond ( $1,000 par value) that pays 11 percont annual interest, but makes interest payments on a semiannual basis ( 5.5 percent semiannually). What is the bond's yield to maturity? The bone's yield to maturity is \%. (Round to two decimal places.)

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