Today is 1 July 2020, Jason is planning to purchase a corporate bond with a coupon rate of j2 = 3.40% p.a. and face value of 1000. This corporate bond matures at par. The maturity date is 1 July 2022. The yield rate is assumed to be j2 = 3.56% p.a. Assume that this corporate bond has a 3.43% chance of default in the first six-month period (i.e., from 1 July 2020 to 31 December 2020) and this corporate bond has a 3.51% chance of default in any six-month period during the term of the bond except the first six-month (i.e., 3.51% chance of default in any six-month from 1 January 2021 to 1 July 2022). Assume also that, if default occurs, Jason will receive no further payments at all. (b) What is the expected coupon payment on 1 January 2022? Select one:

a. 15.2973

b. 15.2847

c. 14.4967

d. 15.8407