Please solve the questions step by step by writing/typing it manually. Do not use excel or a financial calculator.

Problem 4: (2 points) The Salem Company bond currently sells for $955, has a 12% coupon rate and a $1,000 par value, pays interest annually, and has 15 years to maturity. a. Calculate the approximate yield to maturity on this bond through trial and error b. Explain the relationship that exists between the coupon rate and yield to maturity and the par value and market value of a bond