Consider a bond that makesnsemiannual coupon payments with semiannual coupon ratec. The time before the next coupon payment istwhich islessthan half a year. The semiannual YTM of the bond isywhich is equal toc. Find the price of the bond in terms of its par value. Is the bond at par, at premium, or at discount? Show all your steps for the full credit.

Need the work please.

Solution:

P=ParV(1+y)cry+(1+y)

=ParV(1+y)1t/>ParV