The current yield of a bond is calculated using the formula:

$\text{Current Yield} = \frac{\text{Annual Coupon Payment}}{\text{Bond Price}} \times 100$

Since the bond pays interest semiannually, the annual coupon payment is twice the semiannual payment:

$\text{Annual Coupon Payment} = 2 \times 29.25 = 58.50$

Now, plug the values into the formula:

$\text{Current Yield} = \frac{58.50}{961.87} \times 100$

Calculating this:

$\text{Current Yield} \approx 6.08\%$

Answer:

6.08%

Would you like more details or have any questions?

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Here are some related questions:

1. How does the current yield compare to the yield to maturity of a bond?
2. What factors affect the current yield of a bond?
3. How does a bond's price affect its current yield?
4. How would the current yield change if the bond price increased?
5. Why might an investor choose a bond with a higher current yield?

Tip: Remember, the current yield only considers the annual coupon payment and bond price—not any capital gains or losses.