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Assume that on January 1, 2005, Ryan Industries issued ($1000 par) bonds with an annual coupon...

Assume that on January 1, 2005, Ryan Industries issued ($1000 par) bonds with an annual coupon rate of 12% paid semiannually. The bonds, when issued, had an original maturity of 30 years, so the maturity date is January 1, 2035. By january 1, 2018, the bond price was $1,177.70 in the market. What was the bond's market yield-to-maturity on January 1, 2018?

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