$($Related to Checkpoint $9\mathrm{.}2)($Yield to maturity$)$ The market price is $$1,050$ for a $16-$year bond $($ $$1,000$ par value$)$ that pays $12$ percent annual interest, but makes interest

payments on a semiannual basis $(6$ percent semiannually$).$ What is the bond's yield to maturity?

The bond's yield to maturity is

$\%.($Round to two decimal places.$)$