You are analyzing the after-tax cost of debt for a firm. You know that the firms 12-year maturity, 10.40 percent semi-annual coupon bonds are selling at a price of $1,189.84. These bonds are the only debt outstanding for the firm.

What is the current YTM of the bonds? (Round intermediate calculations to 4 decimal places, e.g. 1.2514 and final answer to 2 decimal places, e.g. 15.25%.)

YTM = %