$($Related to Checkpoint $9\mathrm{.}2)($Yield to maturity$)$ The market price is $$1,200$ for a $16-$year bond par value$)$ that pays $8$ percent annual interest, but makes interest payments on a semiannual basis $(4$ percent semiannually$).$ What is the bond's yield to maturity?

The bond's yield to maturity is

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