The company currently has $7.836 billion in long-term debt, assume $5.0 billion is in bonds. The company wishes to refinance its $5.0 billion bonds; therefore, it will reissue bonds. The structure of the new bonds are as follows: Maturity = 20 years, Coupon Rate = 5.5%, and they have a face value of $1,000. Similar bonds in the market have a yield-to-maturity (YTM) of 4%. What is the price of each bond? Are they trading at a discount or premium? Assume five years have passed (maturity is 15 years) and the YTM in the market has risen to 6.5%. What is the price of the bonds? Are they trading at a discount or premium? Show calculations