A three-year coupon bond has been issued. The coupon payment is $50 annually. After one year, two years are left until maturity. The following equation applies for the bond in the secondary market

A three-year coupon bond has been issued. The coupon payment is $50 annually. After one year, two years are left until maturity. The following equation applies for the bond in the secondary market. $50 $50 $1000 1+i (1 + i)2 (1+i)2 P = - +- This is a three-year bond, the future values are not discounted by (1+i)^3 because it is one year after it was first issued, and there are only two years left until maturity. If the market is expecting an interest rate of 2% (i.e. i=0.02), what is the price of the bond (P) in the secondary market? Answer: $ (Rounded to 2 decimal places.)