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(Related to Checkpoint 9.2) (Yield to maturity) The market price is $1,100 for a 16 -year bond ($1,000 par value) that pays 11 percent annual

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(Related to Checkpoint 9.2) (Yield to maturity) The market price is $1,100 for a 16 -year bond (\$1,000 par value) that pays 11 percent annual interest, but makes interest payments on a semiannual basis ( 5.5 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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