$($Related to Checkpoint $9\mathrm{.}2)($Yield to maturity$)$ The market price is $$800$ for a $16-$year bond $($ $$1,000$ par value$)$ that pays $11$ percent annual interest, but makes interest payments on a

semiannual basis $(5\mathrm{.}5$ percent semiannually$).$ What is the bond's yield to maturity?

The bond's yield to maturity is $\%.($Round to two decimal places.$)$