Assume that a $$2,000,000$ par value, semiannual coupon U$.$S$.$ Treasury note with two years to maturity has a coupon rate of $3\%.$ The yield to maturity of the bond is $8\mathrm{.}20\%.$ Using this information and ignoring the other costs involved, the value of the Treasury note is$ $.$

Based on your calculations and understanding of semiannual coupon bonds, complete the following statements:

The T$-$note described is currently selling at a $.$ Assuming that interest rates remain constant over the life of the note, its price should be expected to as the T$-$note approaches maturity. When valuing a semiannual coupon bond, the time period $($N$)$ in the present value formula is assumed to have a value of periods.