An analyst gathers the following data about a binomial interest rate tree for an option-free, annual coupon bond maturing in two years. | Time 1 Bond Value | Time 1 Forward Rate | |-------------------|---------------------| | Upper node | 99.715 | 2.292% | | Lower node | 100.247 | 1.749% | If the current 1-year spot rate is 1.5% and the bond pays a coupon of 2.0%, the current value of the bond using the backward induction methodology is *closest to*: | Chartered Financial Analyst Level 2 Quiz - LeetQuiz