LeeJay Corporation introduced a bond in 2001 that offered a coupon rate of 8.5%, resulting in coupon payments of $8.50.

The bond is scheduled to mature in 2030. If the current going interest rate in the market is 6.75%

1) What is the market price (please calculate the interest and the principal due to get this value) of this bond today?

2) What is the bond selling for in the market relative to its initial value at the time the bond was introduced?

3) What is the common term used to describe a bond that is selling at this price?

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