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A 15-year-par-value bond pays semi-annual coupons at a rate of 7% per year. The bond is priced to yield 9% per year convertible semi-annually. The

A 15-year-par-value bond pays semi-annual coupons at a rate of 7% per year. The bond is priced to yield 9% per year convertible semi-annually. The par value of the bond is $100. Determine the total amount of premium or discount. Is this premium or discount?

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