You are analyzing the cost of debt for a firm. You know that the firms 14-year maturity, 7.0 percent coupon bonds are selling at a price of $856.71. The bonds pay interest semiannually. If these bonds are the only debt outstanding for the firm, answer the following questions.

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