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?
A. Solve using a spreadsheet program such as Excel.
B. Solve using a financial calculator.