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The Timberlake-Jackson Wardrobe Co. has 10.4 percent coupon bonds on the market with seven years left to maturity. The bonds make annual payments. Required: If

The Timberlake-Jackson Wardrobe Co. has 10.4 percent coupon bonds on the market with seven years left to maturity. The bonds make annual payments.

Required:

If the bond currently sells for $1,119.34, what is its YTM? (Do not round intermediate calculations.Round your answer to 2 decimal places (e.g., 32.16).)

Yield to maturity

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