Penny bought a Treasury bond with a coupon rate of j₂=2.24% p.a. and face value of $100. The bond will mature on 15 October 2028. Penny purchased this bond on 19 January 2020.

(b) What was Penny's purchase price (rounded to five decimal places)? Assume a yield of 5.81% p.a., compounded half-yearly.

a.

76.38490

b.

76.39061

c.

75.28576

d.

75.33333