Consider an MPT that is backed by 100 mortgages with average balance of $450,000 and monthly payment. The MPT has a WAC = 5% and WAM = 60 months. There is no servicing fee on this security. Assuming the prepayment model of CPR-5% and market rate is 3% (annual, investor discount rate), how much should this security sell for? Notes: as payments are monthly remember to convert CPR to SMM (constant for this example) and adjust the discount rate