The market price is

$825

for a

15-year

bond

($1,000

par value) that pays

9

percent annual interest, but makes interest payments on a semiannual basis

(4.5

percent semiannually). What is the bond's yield to maturity?

Question content area bottom

Part 1

The bond's yield to maturity is

enter your response here%.

(Round to two decimal places.)