A $2,500 bond had a coupon rate of 5.60% with interest paid semi-annually. Miguel purchased this bond when there were 7 years left to maturity and when the market interest rate was 7.50% compounded semi-annually. He held the bond for 3 years, then sold it when the market interest rate was 3.80% compounded semi-annually. a. Calculate the purchase price of the bond. O $2,231.26 O $1,493.16 O $751.77 O $2,244.93 b. Calculate Miguel's selling price. O $2,338.43 O $2,150.54

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