If, after one year, the yield to maturity on a multi-year coupon bond that was issued at par is higher than the coupon rate, what happened to the price of the bond during that first year?

The price of the bond

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rose above

fell below

par. When a bond is at par, the yield to maturity equals the coupon rate. If the yield to maturity rises, the price of the bond

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falls

rises

.