An individual is investing in a market where spot rates and forward rates apply. In this market, if at time t=0 he agrees to invest 5.0 for two years, he will receive 7.1 at time t=2 years. Alternatively, if at time t=0 he agrees to invest 4.4 at time t=1 for either one year or two years, he will receive 7.6 or 8.0 at times t=2 and t=3, respectively. Calculate the price per 5,000 nominal that the individual should pay for a fixed-interest bond bearing annual interest of 6.5% and is redeemable after 3 years at 105%. State your answer at 2 decimal places. Answer: Check