7. A fixed interest stock pays a coupon of 9% per annum quarterly. The next coupon is due on 31 May 2008. It is redeemable at 120% on 1st March 2031. Calculate the price an investor would pay on 1st June 2008 to receive an effective net yield of at least 10% per annum. The investor pays tax at 30% on 31st August on income received during the previous calendar year and capital gains tax at 40% on 31st December following realization of any gain