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You buy a TIPS at issue at par for $1,000. The bond has a 4% coupon. Inflation turns out to be 1%, 3%, and 9%

You buy a TIPS at issue at par for $1,000. The bond has a 4% coupon. Inflation turns out to be 1%, 3%, and 9% over the next 3 years. The total annual coupon income you will receive in year 3 is

Round your answer to the nearest two decimals.

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