16. An inflation-indexed 3-year, annual 4% coupon bond issued by Thailand at par (Present Value =Par Value = 100 Thai Bhat initially). Inflation in Thailand increases by 5 % in year 1, by 4 % in year 2, and zero % in year 3. What is the maturity / face value of the bond in Thai Bhat at end of year 3?

a. Bhat 103 b. Bhat 100 c. Bhat 109 d. Bhat 109.2