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One year ago Pell Inc. sold 20-year, $1,000 par value, annual coupon bonds at a price of $950 per bond. At that time the market
One year ago Pell Inc. sold 20-year, $1,000 par value, annual coupon bonds at a price of $950 per bond. At that time the market rate (i.e., yield to maturity) was 9 percent. Today the market rate is 10 percent; therefore the bonds are currently selling at_________ (premium, par, or discount?)
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