The Petit Chef Co. has 5 percent coupon bonds on the market with 8 years left to maturity. The bonds make semi-annual payments and have a par value of $1,000. If the bonds currently sell for $1,040.55, what is the YTM? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16., exclude the % sign, enter answer in as a % an not as a decimal.)