The current platinum price is $1000 per ounce, and annual effective spot rates for 1-year, 2-year, 3-year and 4-year terms are 2.3%, 2.4%, 2.5% and 2.6%, respectively. A swap contract is set up to exchange the market price per ounce of platinum with a fixed amount P at the end of 2^nd, 3^rd and 4^th years. Calculate P to the nearest $1.

Group of answer choices

1077

1075

1071

1073

1079