Henry is planning to purchase a Treasury bond with a coupon rate of 2.21% and face value of $100. The maturity date of the bond is 15 March 2033.

(a) If Henry purchased this bond on 3 March 2020, what is his purchase price (rounded to four decimal places)? Assume a yield rate of 3.31% p.a. compounded half-yearly.

a.

89.4634

b.

88.3596

c.

89.4619

d.

89.82