Today is 1 July 2020. Susan has a portfolio which consists of two different types of financial instruments (henceforth referred to as instrument A and instrument B). Susan purchased all instruments on 1 July 2010 to create this portfolio and this portfolio is composed of 22 units of instrument A and 20 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 = 4.36% p.a. and face value of 100. This bond matures at par. The maturity date is 1 January 2023.

Calculate the current price of instrument B per $100 face value. Round your answer to four decimal places. Assume the yield rate is j₂ = 4.46% p.a. and Susan has just received her coupon payment.

a.99.7221

b.101.9459

c.99.7659

d.99.0497