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If $\otimes$ is a new operation defined as $p \otimes q = p^2 - 2q$, what is the value of $7 \otimes 3$?

(A) $43$ (B) $8$ (C) $141$ (D) $36$ (E) $26$

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Source: CEMC, University of Waterloo, licensed CC-BY-NC-4.0. Statement reproduced verbatim; metadata (topic, difficulty, ordering) added by this project. Solutions are the publisher's, linked not copied.