Henry is planning to purchase a Treasury bond with a coupon rate of 2.49% and face value of $100. The maturity date of the bond is 15 March 2033.

(b) If Henry purchased this bond on 5 March 2020, what is his purchase price (rounded to four decimal places)? Assume a yield rate of 3.05% p.a. compounded half-yearly. Henry needs to pay 27.6% on coupon payment as tax payment and tax are paid immediately.

a. 86.6249

b. 87.5255

c. 87.9459

d. 87.5241