Problem $10-20($Algo$)$ Yield to maturity$-$calculator or Excel required $[$LO$10-3]$

Evans Emergency Response bonds have $4$ years to maturity. Interest is paid semiannually. The bonds have a $$1,000$ par value and a coupon rate of $7$ percent.

If the price of the bond is $$1,079\mathrm{.}53,$ what is the annual yield to maturity?

Note: Do not round intermediate calculations. Input your answer as a percent rounded to $2$ decimal places.

Annual yield to maturit