Question: Veerkaran's Vehicles issues a $47,000 face value bond with a 4% stated interest rate on October 1st, Year 1. The bond will pay coupons semi-annually

Veerkaran's Vehicles issues a $47,000 face value bond with a 4% stated interest rate on October 1st, Year 1. The bond will pay coupons semi-annually for three years, ending October 1st, Year 4. The market interest rate is 5% when the bond is issued. Using the above information, solve for the cash paid for interest on April 1st, Year 2. Round your answer to the nearest two decimal places.

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