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an investor holds a 10-year-old bond paying a coupon of 9 per cent. the yield to maturity of the bond is 7.8 per cent. would

an investor holds a 10-year-old bond paying a coupon of 9 per cent. the yield to maturity of the bond is 7.8 per cent. would you expect the investor to be holding a par-value, premium or discount bond? what if the yield to maturity were 10.2 per cent? explain.

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