$($Related to Checkpoint $9\mathrm{.}2)($Yield to maturity$)$ Hoyden Co$.\text{'}$s bonds mature in $8$ years and pay $7$ percent interest annually. If you purchase the bonds for $$1,275,$ what is their yield to maturity?

The yield to maturity on the Hoyden bonds is $\%.($Round to two decimal places.$)$