Yield to maturity$$The Salem Company bond currently sells for $$$$1,090\mathrm{.}40,$ has a coupon interest rate of $12\%$ and a $ $1000$ par$$ value, pays interest annually$,$ and has $14$ 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.