Nabil bought an Australian Treasury bond with a coupon rate of j₂ = 3% p.a. and a face value of $100. The maturity date of the bond is 15 May 2033.

If Nabil purchased this bond on 2 May 2018, what was his purchase price (rounded to four decimal places)? Assume a purchase yield of j₂ = 3.54% p.a.

a.

$95.2966

b.

$95.1373

c.

$95.1393

d.

$93.6392