What is the yield to maturity on a bond that you purchased for $1,249, assuming that the bond has 14 years to maturity, a par value of $1,000, and a coupon rate of 6.80%? The bond pays coupon interest semiannually. (Round your answer to 4 decimal places.)

Yield to maturity %

b. What is the effective annual yield on this bond? (Round your answer to 4 decimal places.)

Effective annual yield %