The 7.77 percent, $1,000 face value bonds of Tim McKnight, Inc., are currently selling at $1,049.52. What is the current yield?

The 7.77 percent, $1,000 face value bonds of Tim McKnight, Inc., are currently selling at $1,049.52. What is the current yield?

Note: Enter your answer rounded off to two decimal points. Do not enter % in the answer box. For example, if your answer is 0.12345 then enter as 12.35 in the answer box.