Assume that it is 1 January 2020 and you are considering the purchase of a 30-year Australian Government bond that was issued 1 January 2015 (i.e. exactly five years ago). The bond has a par value of $100 000 and offers a 9.5% annual coupon payment and matures on 31 December 2045. Interest rates have declined since the bond was issued. Consequently, it is now selling at a premium of 116.57% of par value. You are required to:

1.1 Determine the current value (price) of the bond.

1.2 Calculate the Yield to Maturity (YTM) on the bond.