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(Related to Checkpoint 9.2) (Yield to maturity) The market price is $700 for a 16 -year bond ( $1,000 par value) that pays 8 percent

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(Related to Checkpoint 9.2) (Yield to maturity) The market price is $700 for a 16 -year bond ( $1,000 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.)

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