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The market price of a semi-annual pay bond is $975.06. It has 20.00 years to maturity and a coupon rate of 7.00%. Par value is

The market price of a semi-annual pay bond is $975.06. It has 20.00 years to maturity and a coupon rate of 7.00%. Par value is $1,000. What is the effective annual yield?

Answer format: Percentage Round to: 4 decimal places (Example: 9.2434%, % sign required. Will accept decimal format rounded to 6 decimal places (ex: 0.092434))

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