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Marama wishes to determine the maximum price she should pay for a perpetual Fonterra bond. If each bond pays $30.33 per annum forever, and Marama's

Marama wishes to determine the maximum price she should pay for a perpetual Fonterra bond. If each bond pays $30.33 per annum forever, and Marama's minimum return she is willing to earn is 4.5%, what is the most she should pay for each bond?

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