4) A large gas and oil company needs to raise $2,000,000 for capital expansion of its plant. The company issues bonds ten year bonds to raise the money. The bonds are redeemable at 103, that is, for every $1 of face value, $1.03 will be paid upon redemption. The rate of interest on the bond is 4.5% payable semi-annually. If at the time of the bond issue interest rates are 4.2% compounded quarterly, what amount of money will the company receive from the bond issue