Today is 1 July, 2022, Steve plans to purchase a corporate bond with a coupon rate of j₂ = 2.15% p.a. and a face value of $100. This corporate bond matures at par. Its maturity date is 1 January, 2025. The yield rate is assumed to be j₂ = 13.2% p.a. Assume that this corporate bond has a 2% chance of default in any six-month period during its term. Assume, also, that, if default occurs, Steve will receive no further payments at all. Calculate Steve purchase price. Round your answer to three decimal places.

a.

$65.224

b.

$69.872

c.

$77.569

d.

$77.013