Which of the following statements iscorrect?

• Current yield is the ratio of annual coupon payment divided by the par value.
• If a bond is at a discount, the coupon rate is less than the current yield, which is less than YTM.
• When the coupon rate is higher than the market rate, the bond is priced at a discount.
• When the market rate is higher than the coupon rate, the bond is priced at a premium.