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P6-21 Yield to maturity The Salem Company bond currently sells for $867.59, has a 6% cow pon rate and a $1,000 par value, pays interest

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P6-21 Yield to maturity The Salem Company bond currently sells for $867.59, has a 6% cow pon rate and a $1,000 par value, pays interest annually, and has 15 years to maturity. a. Calculate the yield to maturity (YTM) on this bond. b. Explain the relationship that exists between the coupon rate and yield to matu- rity and the par value and market value of a bond

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