Today is 1 July, 2022. Rajesh is planning to purchase a corporate bond with a coupon rate of j2 = 6.05% p.a. and face value of $1000. This corporate bond matures at par. The maturity date is 1 July, 2024. The yield rate is assumed to be j2 = 3.29% p.a. Assume that this corporate bond has a 3.83% chance of default in the first six-month period (i.e., from 1 July 2022 to 31 December 2022) and this corporate bond has a 3.2% chance of default in any six-month period during the term of the bond except the first six- month (i.e., 3.2% chance of default in any six-month from 1 January 2023 to 1 July 2024). Assume also that, if default occurs, Rajesh will receive no further payments at all. QUESTION 11 [3 marks] What is the expected coupon payment on 1 January 2024? a. $25.9572 b. $28.1605 c. $27.0820 d. $27.259 4