On December 1, 2015, the U.S. Treasury issued a $1,000, 10-year inflation indexed notes with a coupon rate of 2% (paid semi-annually on Dec 1 and June 1). On the date of issue, the consumer price index (CPI) was 259, but had increased to 231 on December 1, 2020. What was the amount of the coupon payment made on December 1, 2020?

Select one:

a.

$8.92

b.

$10.00

c.

$11.21

d.

$22.42

e.

None of the above.