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Suppose you buy a 7 percent annual coupon, 20-year maturity bond today. The bond has a par value of $1,000. The YTM on the bond

Suppose you buy a 7 percent annual coupon, 20-year maturity bond today. The bond has a par value of $1,000. The YTM on the bond is 15 percent. What is the price of the bond? Is this a premium or a discount bond?

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