Calculate using Excel with formulas in the cash flow column the investment of a 10 year treasury bond with a par value of $2,000,000, coupon of 3.00% and a purchase price of $1,900,000. The treasury is purchased on January 1, 2017 and interest on the treasury is paid semi-annual starting on July 1, 2017.

Then calculate IRR of this investment using the present value formula in the column Present Value as of January 1, 2017. Show the rate of return percentage upon completion (this will be the discount rate that you will be solving for).