What is the yield to call of a 23-year to maturity bond that pays a coupon rate of 8.80 percent per year, has a $1,000 par value, and is currently priced at $940.82? The bond can be called back in 4 years at a call price $1,036. Assume annual coupon payments.
Round the answer to two decimal places in percentage form. (Write the percentage sign in the "units" box)
You should use approximate formula for YTC