Bond K has a coupon rate 6% per year (coupons paid out semi-annually), yield to maturity 3.5% per half-year and currently sell at price of $Y. What will be the price of the bond 1 year from now, right after the coupon is paid out (assuming the yields stay unchanged)?

a.

Less than $Y

b.

Unchanged

c.

More than $Y

d.

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