Yield to maturity The Salem Company bond currently sells for $$918\mathrm{.}24,$ has a coupon interest rate of $14\%$ and a $$1000$ par value, pays interest annually, and has $10$ 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.$)$

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