A few years ago the British government was considering retiring, or buying back from investors, some outstanding consols that had annual coupons of . A consol is: a. a coupon bond that pays a variable coupon rate and does not mature.
b. a coupon bond that pays a fixed coupon rate and has a fixed maturity date.
c. a coupon bond that pays a variable coupon and has a fixed maturity date.
d. a coupon bond that pays a fixed coupon rate and does not mature.

If the yield to maturity on other long-term British government bonds was 2.0%, the price the British government is likely to offer investors is £