Question: The Cirone Corporation has a straight bond issue outstanding that is due in 16 years. The bonds pay interest semiannually and sell for 102% per bond. (The price is expressed as a percent of par. Par is $1,000.) The coupon (on an annual basis) is 8.25%. What is the NOMINAL yield to maturity to the bondholders (also called the bond equivalent yield)? Answer as a percentage to 4 decimal places. Do not include the percentage sign.