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{Related to Checkpoint 9.2] (Yield to maturity} The market price is $1,125 for a 12year band ($1,000 par value] that pays 11 percent annual interestI

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{Related to Checkpoint 9.2] (Yield to maturity} The market price is $1,125 for a 12year band ($1,000 par value] that pays 11 percent annual interestI but makes interest payments on a semiannual basis {5.5 percent semiannuelly]. What is the band's yield to maturity? The band's yield to maturity is $3. (Round to two decimal places.)

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