Penny bought a Treasury bond with a coupon rate of j₂=2.41% p.a. and face value of $100. The bond will mature on 15 October 2028. Penny purchased this bond on 15 January 2020.

(b) What was Penny's purchase price (rounded to five decimal places)? Assume a yield of 4.12% p.a., compounded half-yearly.

a. 87.55694

b. 88.14326

c. 86.95533

d. 88.14817