A 5.50 percent coupon bond with 14 years left to maturity can be called in 4 years. The call premium is one year of coupon payments. It is offered for sale at $1,092.50.
Required:
What is the yield to call of the bond? (Assume that interest payments are paid semi annually.) (Round your answer to 2 decimal places. Omit the "%" sign in your response.)