Yield to maturity The Salem Company bond currently sells for $$684\mathrm{.}14,$ has a coupon interest rate of $8\%$ and a $$1000$ par value, pays interest annually, and has $17$ 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.

a$.$ The yield to maturity on this bond is $\%.($Round to three decimal places.$)$