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You have decided to buy a perpetuity. The bond makes one payment at the end of every year forever and has an interest rate of

You have decided to buy a perpetuity. The bond makes one payment at the end of every year forever and has an interest rate of 7%.

If you initially put $ 3,000 into the bond, what is the coupon payment every year? The end of year payment is $______. (Round to the nearest dollar.)

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