A company’s non-callable bonds currently sell for $1,165. They have a 15-year maturity, a coupon rate of 8% with semiannual payments, and a par value of $1,000. What is their yield to maturity (round your answer to two decimal places)? (i) Describe and interpret the assumptions related to the problem. (ii) Apply the appropriate mathematical model to solve the problem. (iii) Calculate the correct solution to the problem.