Today is 1 July 2021. 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 2016 to create this portfolio and this portfolio is composed of 289 units of instrument A and 468 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 = 2.95% p.a. and face value of 100. This bond matures at par. The maturity date is 1 January 2024.

(b) Calculate the current price of instrument B per $100 face value (today's value). Round your answer to four decimal places. Assume the yield rate is j2 = 4.31% p.a. and Joan has just received the coupon payment.

a. 96.2109

b. 98.2842

c. 96.8092

d. 91.3630