A bond with an annual coupon payment of $100 originally sold at par for $1,000. Market interest rates are currently 12%. This bond would be selling at a ____ in order to compensate ____.

a. premium; the purchaser for the below market coupon rate

b. discount; the purchaser for the below market coupon rate

c. discount; the seller for the below market coupon rate

d. premium; the seller for the below market coupon rate