An analyst evaluates the following information relating to fl oating rate notes (FRNs) issued at par value that have 3-month Libor as a reference rate:

Floating Rate Note Quoted Margin Discount Margin X 0.40% 0.32%

Y 0.45% 0.45%

Z 0.55% 0.72%

Based only on the information provided, the FRN that will be priced at a premium on the next reset date is:

A . FRN X.

B . FRN Y.

C . FRN Z.