(Related to Checkpoint 9.2)(Yield to maturity)The market price is

$825

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

nothing%.

(Round to two decimal places.)