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Note Valuation. Western Corporation reported the following information on its long-term debt in its 2019 annual report (in millions): Face Value Face Value Stated Effective (In millions, except interest rates) June 30, 2019 June 30, 2018 Interest Rate Interest Rate Notes November 3, 2018 . . . . $0 $1,750 1.30% 1.40% December 6, 2018 1,250 1.63% 1.82% June 1, 2019. . . . . 0 1,000 4.20% 4.38% August 8, 2019 . . . . . 2,500 2,500 1.10% 1.20% November 1, 2019 18 18 0.50% 0.50% February 6, 2020 1,500 1,500 1.85% 1.95% February 12, 2020 1,500 1,500 1.85% 1.94% October 1, 2020 . . . 1,000 1,000 3.00% 3.14% November 3, 2020 2,250 2,250 2.00% 2.09% February 8, 2021 . . 500 500 4.00% 4.08% August 8, 2021 . . .. . . 2,750 2,750 1.55% 1.64% December 6, 2021 (a) 1,994 2,044 2.13% 2.23% February 6, 2022 1,750 1,750 2.40% 2.52% February 12, 2022 1,500 1,500 2.38% 2.47% November 3, 2022 . . 1,000 1,000 2.65% 2.72% November 15, 2022 750 750 2.13% 2.24% May 1, 2023 . ... 1,000 1,000 2.38% 2.47% August 8, 2023 . . .. . 1,500 1,500 2.00% 2.10% December 15, 2023 1,500 1,500 3.63% 3.73% February 6, 2024 2,250 2,250 2.88% 3.04% February 12, 2025 2,250 2,250 2.70% 2.77% November 3, 2025 3,000 3,00 3.13% 3.18% August 8, 2026 . . 4,000 4,00 2.40% 2.46% February 6, 2027 . . . 4,000 4,000 3.30% 3.38% December 6, 2028 (a) 1,993 2,044 3.13% 3.22% May 2, 2033 (a) . 626 642 2.63% 2.69% February 12, 2035 1,500 1,500 3.50% 3.60% November 3, 2035 1,000 1,000 4.20% 4.26% August 8, 2036 . . . 2,250 2,250 3.45% 3.51% February 6, 2037 . 2,500 2.500 4.10% 4.15% June 1, 2039. . . . 750 750 5.20% 5.24% October 1, 2040 . .. 1,000 1,000 4.50% 4.57% February 8, 2041 . . . 1,000 1.000 5.30% 5.36% November 15, 2042 . 900 900 3.50% 3.57% May 1, 2043 . . . . .. . 500 500 3.75% 3.83% December 15, 2043 . 500 500 4.88% 4.92% February 12, 2045 . .. 1,750 1,750 3.75% 3.80% November 3, 2045 .. 3,000 3,00 4.45% 4.49% August 8, 2046 . . . 4,500 4,500 3.70% 3.74% February 6, 2047 . . . . . 3,000 3.000 4.25% 4.29% February 12, 2055 2,250 2,250 4.00% 4.06% November 3, 2055 1,000 1,000 4.75% 4.78% August 8, 2056 . . 2,250 2,250 3.95% 4.03% February 6, 2057 . . . 2,000 2,000 4.50% 4.53% Total . . . . . . . $72,781 $76,898 (@) Euro-denominated debt securities. 1. Are the May 1, 2023 notes recorded at a discount or a premium? Why? 2. Assume Moody's reports that the October 1, 2020 notes were rated as Aaa. a. If the rating had been Aal instead, would the yield rate on the notes have been lower, higher, or the same? b. If the notes had been secured, would the yield rate have been lower, higher, or the same? (3) (a) Are the December 6, 2028 notes recorded at a discount or a premium? Why? (b) What explains the decrease in the notes from the beginning to the end of the fiscal year