You can invest in a bond that pays coupons that grow with inflation. The coupon received at the end of the first year is $25,000, and each annual payment will increase, with inflation, at rate 2.5% p.a. There are 10 annual payments and the bond matures in 10 years with a face value of $400,000 (not indexed to inflation). What is the price of the bond at a valuation interest rate of 8% p.a.?