5. NY Telephone 71/4 bonds maturing in 21 years are trading at 100 . Calculate the YTM on these bonds. 6. A bond that is trading for more than par value is said to be trading at a "premium," whereas a bond trading for less than par value is trading at a "discount." Through the above assignments, you have dealt with a premium bond (IBM), a discount bond (B\&L), and even a bond trading at par (NY Tel). Based on what you observe from these problems, complete the following statements with the words PREMIUM or DISCOUNT. When a bond's coupon rate equals its market rate (YTM) it will trade at PAR. When a bond's coupon rate is greater than its market rate (YTM) it will trade at a When a bond's coupon rate is less than its market rate (YTM) it will trade at a