$($Fixed Income Securities$)$ A Finance Director of a company wishes to issue a three$-$year inverse floating rate

bond, which pays a coupon of $(12\%-$ LIBOR$($t$-1)),$ where $($t$-1)$ means in the previous

coupon period, with a face value of $100.$ No such bond currently exists in the market.

However, there is a three$-$year, zero$-$coupon bond with a face value of $125$ priced at

$121\mathrm{.}32.$

There is also a three$-$year coupon bond with a face value of $100$ paying a coupon rate of

$4\%$ and priced at $108\mathrm{.}82,$

And a floating rate bond, which has just paid its coupon at a rate of $2*$LIBOR$($t$-1)$ and has a

face value of $100.$

Calculate the price of the inverse floating rate bond.