Granadilla Limited invested in a bond on 1 April 2015, at a cost of $40 million. The costs of purchase were $2 million. The nominal and maturity value of the bond was $50 million, and the coupon interest rate was 2% annually in arrears. The maturity date was 31 March 2020, giving an effective yield to maturity of 5.775%. What should be the carrying value of the bond at the reporting date of 31 March 2016 under the amortised cost method of IFRS 9 Financial Instruments, assuming the interest was paid as scheduled? *