Sweet Fruit Inc. has a $1,000 par value bond that is currently selling for $1,280. It has an annual coupon rate of 9.90 percent, paid semiannually, and has 10 years remaining until maturity. What would the annual yield to maturity on the bond if you purchased the bond today and held it to maturity?

Round the answer to two decimal places in percentage form.

All work has to be shown.