Using the following binomial model of one-year interest rate, price a 2-year, 1% annual-coupon bond with a par value of $636. Assume annual compounding. All rates are expressed on a bond equivalent basis. Round your answer to 2 decimal places. Time 0 io = 2% Time 1 iH=8% 11L = 4%

Using the following binomial model of one-year interest rate, price a 2 -year, 1% annual-coupon bond with a par value of $636. Assume annual compounding. All rates are expressed on a bond equivalent basis. Round your answer to 2 decimal places