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　　Suppose investors have interest rate expectations as illustrated in the decision tree below where the 1-year rate is expected to be 8%, 6%, or 4% in the second year and either 7% or 5% in the first year for a zero-coupon bond.
　　If investors are risk-neutral, what is the price of a $1 face value 2-year zero-coupon bond today?
　　A.     $0.88113.
　　B.     $0.88634.
　　C.     $0.89007.
　　D.     $0.89032
　　Answer: C