Yield to maturity$$The Salem Company bond currently sells for $$$$1$ comma $1564\mathrm{.}25,$ has a coupon interest rate of $17\%$ and a $ $1000$ par$$ value, pays interest annually$,$ and has $12$ years to maturity.$$

a$.$ Calculate the yield to maturity $($YTM$)$ on this bond.

b$.$ Explain the relationship that exists between the coupon interest rate and yield to maturity and the par value and market value of a bond.