Montrose bank purchased RM2.0 mil NID for value date 10 October 2019 at a price of 98.50. The certificate has the following features:

Issue date: 6 August 2018 Maturity date: 6 August 2020

Coupon: 6-month KLIBOR + 0.25% Interest payment date:

6/8/18 (KLIBOR = 3%)

6/2/19 (KLIBOR = 3.5%)

6/8/19 (KLIBOR = 4%)

6/2/20 (KLIBOR = 3.8%)

6/8/20 (KLIBOR = 4.2%)

1. Compute proceeds paid by Montrose bank.