Based on the continuously compounded annual spot interest rates shown below, what is the value of an 18-month bond with a par value of 100 that pays a 5% per year coupon semiannually?

Month 6 Spot rate 3%

Month 12 Spot rate 4%

Month 18 Spot rate 5%

Month 24 Spot rate 6%

A. 99.27

B. 99.95

C. 100.22

D. 101.89

E. 100.78