Question: The Polaroid Corporation has a straight bond issue outstanding that is due in 22 years. The bonds pay interest semiannually and sell for 117% per bond. (The price is expressed as a percent of par. Par is $1,000.) The coupon (on an annual basis) is 7.8%. What is the effective yield to maturity to the bondholders (the yield expressed as an effective annual rate)? Answer as a percent to 4 decimal places. Do not include the percentage sign.