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Henry is planning to purchase a Treasury bond with a coupon rate of 2.57% and face...

Henry is planning to purchase a Treasury bond with a coupon rate of 2.57% and face value of $100. The maturity date of the bond is 15 May 2033.

(a) If Henry purchased this bond on 7 May 2018, what is his purchase price (rounded to four decimal places)? Assume a yield rate of 3.55% p.a. compounded half-yearly.

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