Edgewood School Bonds are selling at 97.223. What is the price of one of the school's $1,000 bonds? Are these bonds selling at a discount or a premium?
SOLUTION
Convert the market price to a decimal and multiply by the bond's par value.
97.223 = 0.97223; 0.97223 x $1,000 = $972.23 market price
The bond is selling at a discount because the price is less than the par value.

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