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A 1,000 par value of a 20 year bond with annual coupons and redeemable at maturity at 1050 is purchased for P to yielf an

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A 1,000 par value of a 20 year bond with annual coupons and redeemable at maturity at 1050 is purchased for P to yielf an annual effective rate of 8.25%. The first coupon is 75. Each subsequent coupon is 3% greater than the preceding coupon. Detemine P. A. 985, B. 1,000, C. 1,050, D. 1,075, E. 1,115 No excel spreadsheets, please

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