Suppose you are considering purchasing a bond issued by Pacific Energy Corp (PEC). The PECs bond has 15 years to maturity and pays an annual coupon of $60 with a face value of $1,000. If the market commands a yield to maturity (YTM) of 6% for other bonds with a similar risk and maturity, how much would you be willing to pay for the PECs bond? Suppose the bond makes an annual coupon of $70 (other terms remain unchanged). What will be the price of the PEC bond? Is the bond par, discount, or premium?