A $34 000, 9.7% bond is purchased 8 years before maturity to yield 4.9% compounded semi-annually. The bond interest is payable semi-annually. How should we expect this bond to sell?

a. Premium (bond rate = 9.7% > 4.9% = market rate) b. Premium (bond rate = 9.7% < 4.9% = market rate) c. Discount (bond rate = 9.7% > 4.9% = market rate) d. At par Premium (bond rate = 9.7% = 4.9% = market rate) e. Discount (bond rate = 9.7% < 4.9% = market rate)