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Bond quotes: If a bond is selling at 97%, is it trading at a discount or a premium? For this to happen is the contract

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Bond quotes: If a bond is selling at 97%, is it trading at a discount or a premium? For this to happen is the contract rate greater than the market rate or less than the market rate? If a bond is selling at 104% is it trading ata discount or a premium? For this to happen is the contract rate greater than the market rate or less than the market rate

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