$3.$ You have just purchased a six$-$month, $$500,000$ negotiable CD$,$ which will pay a $5\mathrm{.}5$ percent annual interest rate.

a$.$ If the market rate on the CD rises to $6$ percent, what is its current market value?b$.$ If the market rate on the CD falls to $5\mathrm{.}25$ percent, what is its current market value?

Please show each and every step