Penny bought a Treasury bond with a coupon rate of j₂=2.59% p.a. and face value of $100. The bond will mature on 15 October 2028. Penny purchased this bond on 13 January 2020.

(b) What was Penny's purchase price (rounded to five decimal places)? Assume a yield of 5.32% p.a., compounded half-yearly.

a.

81.72360

b.

80.87799

c.

81.71761

d.

80.44576