Penny bought a Treasury bond with a coupon rate of j₂=2.45% 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 5.75% p.a., compounded half-yearly.

a.

78.14681

b.

78.14063

c.

77.16425

d.

76.93933