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A 1000 par value 20-year bond with annual coupons is

A 1000 par value 20-year bond with annual coupons is redeemable at maturity for 1050. The bond is purchased for P to yield an annual effective rate of 8.25%. • The first coupon is 75. • Each subsequent coupon is 3% greater than the preceding coupon. Determine P. Round your answer to two decimal places.

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Mathematics: A 1000 par value 20-year bond with annual coupons is

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