Today is 1 July 2020. Joan has a portfolio which consists of two different types of financial instruments (henceforth referred to as instrument A and instrument B). Joan purchased all instruments on 1 July 2014 to create this portfolio and this portfolio is composed of 35 units of instrument A and 46 units of instrument B. Instrument A is a zero-coupon bond with a face value of 100. This bond matures at par. The maturity date is 1 January 2030. Instrument B is a Treasury bond with a coupon rate of j2 = 3.84% p.a. and face value of 100. This bond matures at par. The maturity date is 1 January 2023. (a) Calculate the current price of instrument A per $100 face value. Round your answer to four decimal places. Assume the yield rate is j2 =3.39% p.a.

Select one: a. 58.4000 b. 53.0772 c. 59.3899 d. 72.6620