Today is 1 July 2020, William plans to purchase a corporate bond with a coupon rate of j₂ = 4.41% p.a. and face value of 100. This corporate bond matures at par. The maturity date is 1 January 2025. The yield rate is assumed to be j₂ = 3.87% p.a. Assume that this corporate bond has a 5.7% chance of default in any six-month period during the term of the bond. Assume also that, if default occurs, William will receive no further payments at all. Calculate the purchase price for 1 unit of this corporate bond. Round your answer to three decimal places.

Select one:

a. 101.182

b. 60.639

c. 63.344

d. 103.130