On 1 July 2020, Egypt Ltd issues $7 million in three-year debentures that pay interest every six months at a coupon rate of 2 per cent per annum, commencing 31 December 2020. At the time of issuing the securities, the market requires a rate of return of 2 per cent per annum. Interest expense is determined using the effective interest method. Use the Present value tables provided in the attached link. AYB200 2021 S3 PV Tables.pdf Required: i. Calculate the present value (issue price) of the debenture. Show all workings. (4 marks) ii. State whether the debenture is issued at a discount, premium or at par and explain why. (1 mark)