Yield to maturity The Salem Company bond currently sells for $1,174.88, has a coupon interest rate of 15% and a $1000 par value, pays interest annually, and has 20 years to maturity. a. Calculate the...

Extracted text: Yield to maturity The Salem Company bond currently sells for $1,174.88, has a coupon interest rate of 15% and a $1000 par value, pays interest annually, and has 20 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.)