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An investor considers the purchase of a 2-year bond with a 5% coupon rate, with interest paid annually and par of 100. The observed forward

An investor considers the purchase of a 2-year bond with a 5% coupon rate, with interest paid annually and par of 100. The observed forward rates in the market today are as follows: F0,1 = 3%, F1,2 = 4%, F2,3 = 5%. The clean price of the bond is closest to:

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