$($Related to Checkpoint $9\mathrm{.}2)($Yield to maturity$)$ The Saleemi Corporation's $$1,000$ bonds pay $7$ percent interest annually and have $12$ years until maturity. You can purchase the bond for $$1,085.$

a$.$ What is the yield to maturity on this bond?

b$.$ Should you purchase the bond if the yield to maturity on a comparable$-$risk bond is $4$ percent?

a$.$ The yield to maturity on the Saleemi bonds is

$\%.($Round to two decimal places.$)$