Do not use thousand separator, use 2 decimal places only (i.e. 1000.00 instead of 1,000).

Which among the bonds is the cheapest?

	Option 1	Option 2	Option 3	Option 4
Bond face value	5000.00	5500.00	6000.00	6500.00
Maturing at	110	110	105	105
Yield	6%	6%	6%	6%
Compounded	Semi-annually	Semi-annually	Quarterly	Quarterly
If coupon pays	7.00%	7.00%	7.25%	7.25%
PMT
FV
Purchased on	1/1/2015	1/1/2015	1/1/2015	1/1/2015
Maturing on	3/1/2020	1/1/2020	3/1/2020	1/1/2020
Purchase Price

The cheapest bond is option number ._______