Today is time t$.$ Two zero coupon bonds both have face value of $100$ dollars, which means both bonds are expected to pay you a value of $$100$ at Maturity $($time T$).$ Bond A is liquid and is often traded by average institutional investors at very low transaction costs. Assume Bond A$$s trading cost is almost $0.$ Bond B is illiquid. Its total direct and indirect trading cost is $$5$ per trade $($either buy or sell$).$ Suppose an average$-$sized institution trader who wants own the two bonds will make at least three trades in either bond $($i$.$e$.,$ first buy it at t$,$ then sell it and buy it back again at some time between t and T$).$

Q: What should be the average trader$$s evaluation of the bond price today? To focus on the effect of liquidity on price, please assume interest rate $($i$.$e$.,$ discount rate$)$ for discounting future bond price to be zero for both bonds. In other words, everyone in this market is not risk averse. So no one discounts future uncertain payoff based on aversion of risk. But every trader still cares about transaction cost.