Suppose the current Commonwealth bond yield is 5.5% p.a. compounded semi-annually. Which of the following risk-free bonds would have the lowest price?
(a) Bond A with a coupon rate of 5% p.a. compounded annually
(b) Bond B with a coupon rate of 6% p.a. compounded semi-annually
(c) Bond C with a coupon rate of 5.5% p.a. compounded quarterly
(d) Bond D with a coupon rate of 5.5% p.a. compounded annually