On November 1, 2016 Chelsea Corporation issued 5%, 10-year bonds with a face value of $4,000,000 at 98. Interest is paid on November 1 and May 1, with any premiums or discounts amortized on a straight-line basis. The entry to record the issuance of the bonds would include a credit of

Michelle is to receive $10,000 a year starting now for 10 periods. If Michelle discounts at 6% annual interest, what is the present value?