Yield to maturityThe Salem Company bond currently sells for $1 comma 184.29, has a coupon interest rate of 11% and a $ 1000 par value, pays interest annually, and has 16 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.

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