Chyrsalys Corporation issues $$4,000,000$ in serial bonds on January $1,20$X$5,$ with a stated interest rate of $3$ percent. On this date, investors demand an effective interest rate of $4$ percent. The bond terms specify that interest and $$2,000,000$ in principal will be paid on January $1,20$X$6$ and $20$X$7.$

What amount would investors be willing to pay for the bonds on January $1,20$X$5?$

What would interest expense be on December $31,20$X$5?$

What amount of cash would Chyrsalys pay investors on January $1,20$X$6?$

What would interest expense be on December $31,20$X$6?$

What amount of cash would Chyrsalys pay investors on January $1,20$X$7?$