Loc is planning to purchase a Treasury bond paying a (j₂) coupon rate of 1.91% p.a. The face value of the bond is $100. Its maturity date is 15 March 2033; the bond matures at par.

If Loc purchased this bond on 30 March 2020, what is his purchase price (rounded to four decimal places)? Assume a yield rate of 10.14% p.a., compounded half-yearly. Loc needs to pay 16.2% of coupon payments and capital gains in tax. Assume that all tax payments are delayed by a half-year.

a.

$35.8611

b.

$37.4643

c.

$42.4298

d.

$36.6170