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(Related to Checkpoint 9.2) (Yield to maturity) The market price is $1,200 for a 20-year bond ($1,000 par value) that pays 12 percent annual interest,

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(Related to Checkpoint 9.2) (Yield to maturity) The market price is $1,200 for a 20-year bond ($1,000 par value) that pays 12 percent annual interest, but makes interest payments on a semiannual basis (6 percent semiannually). What is the bond's yield to maturity? The bond's yield to maturity is 3%. (Round to two decimal places.)

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