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On April 1, 2022, Mahogany Corporation, a prominent technology company, decides to diversify its investment portfolio by purchasing $2,000,000 worth of 8%, 7-year bonds. The

On April 1, 2022, Mahogany Corporation, a prominent technology company, decides to diversify its investment portfolio by purchasing $2,000,000 worth of 8%, 7-year bonds. The market interest rate at the time of purchase was 6%. The bonds pay interest semi-annually on September 30 and March 31. What is the price Mahogany Corporation will pay for the purhcase of this bond on April 1, 2022?

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