You desire to become an investor in the US government bonds, and have just been informed in an ad of a $20$ year Treasury bond with a maturity value of $$1,000$ and semiannual coupon payments of $$70.$ If you, as an investor, require a $12$ percent yield to maturity on this investment, what is the maximum price you will be willing to pay for this bond?

b$.$ From the computation, is this bond selling at par, discount, or premium?