7.9 A fixed-interest loan bears interest of 10% per annum payable half-yearly in arrears. The loan will be redeemed at 105% by five installments, of equal nominal amount, on 31 July in each of the years 2036 to 2040 inclusive. An investor, who is liable to income tax at the rate of 40%, purchased the entire loan on 19 June 2006, at a price to obtain a net yield of 9% per annum effective. Find the price per cent paid, assuming that the purchase was made (a) Ex dividend", (b) "Cum dividend