On January $1,2025,$ Concord Industries Inc. issued a $$89,000,7\%$ bond due in $10$ years with interest payable

each January $1$ and July $1.$ The effective interest rate is $9\%.$

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$($a$)$

Determine the discount or premium on the bond. $($For calculation purposes, use $5$ decimal places as

displayed in the factor table provided, e$.$g$.1\mathrm{.}25124$ and final answer to $0$ decimal places, e$.$g$.5,275.)$