You are analyzing the cost of debt for a firm. You know that the firm's 14-year maturity, 7.0 percent coupon bonds are selling at a price of $846.00. The bonds pay interest semiannually. If these bonds are the only debt outstanding, answer the following questions.

What is the current YTM of the bonds? (Round intermediate calculations to 4 decimal places, e.g. 1.2514 and final answer to 0 decimal places, e.g. 15%.)

Current YTM for the bonds: %