Total amount of premium or discount, Accounting Basics

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Total amount of premium or discount

Problem:

A 15-year-par-value bond pays semi-annual coupons at a rate of 7% per year. The bond is priced to yield 9% per year convertible semi-annually. The par value of the bond is $100.

Required:

Question: Determine the total amount of premium or discount. Is this premium or discount?

Note: Please explain comprehensively and give step by step solution.

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Accounting Basics: Total amount of premium or discount

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Accounting Basics: Total amount of premium or discount

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