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7. A 1000 par value 20-year bond with annual coupons is redeemable at maturity for 1050. The bond is purchased for P to yield an

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7. A 1000 par value 20-year bond with annual coupons is redeemable at maturity for 1050. The bond is purchased for P to yield an annual effective rate of 8.25%. The first coupon is 75. . Each subsequent coupon is 3% greater than the preceding coupon. Determine P. Round your answer to two decimal places

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