(Related to Checkpoint 9.2) (Yield to maturity) The market price is $1,200 for a 15 -year bond ( $1,000 par value) that pays 12 percent annual interest, but makes interest payments on a semiannual basis (6 percent semiannually). What is the bond's yield to maturity? The bond's yield to maturity is ___ %. (Round to two decimal places.)