A $2,000,000 bond was issued on September 1 2015 with a 7 year maturity. Coupon rate is 2.5% and the YTM is 4.75% p.a. compounded half-yearly. Interest is paid semi annually. How much is the bond worth on 1 March 2018?

a ) $1,722,261.01

b) $1,905,037.17

c) $1,819,593.27

d) $2,190,402.76

e) $1,850,010.65