In? 1752, Britain consolidated all government debt into a single issue called? 'Consol' bonds. Consol bonds were perpetual and initially paid an annual coupon of? 3.5%. Since? issue, the coupon rate has been changed from? time-to-time: assume that it is currently $52 per year? (in equivalent? US$) with the next coupon due in one year. What is the fair price for a Consol bond? (present value of the stream of coupon? payments) if the appropriate interest rate is 9?%?