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New University plans to issue a $2,000,000 bond. The money is to buy equipment for...

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Finance

New University plans to issue a $2,000,000 bond. The money is to buy equipment for its physics laboratories. The bond matures in 10 years and requires semiannual interest payments. The stated interest rate is 6 percent, but rates have fallen to 5.96 percent in the market. How much will the University receive when it issues the bond? Can someone explain how to process this information? It is problem 6-18 in The Financial Management for Public, Health, and Not-for-Profit Organizations Edition 5.

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