Henry is planning to purchase a Treasury bond with a coupon rate of 1.69% and face value of $100. The maturity date of the bond is 15 May 2033.

(b) If Henry purchased this bond on 2 May 2018, what is his purchase price (rounded to four decimal places)? Assume a yield rate of 3.97% p.a. compounded half-yearly. Henry needs to pay 23.2% on coupon payment as tax payment and tax are paid immediately.

Select one:

a. 70.5649

b. 70.5665

c. 71.3047

d. 69.9169