TD Securities agrees to underwrite today a newly issued 15,000 bonds at the agreed-upon price of $2,000 per bond. The issuing corporation is ABC ltd. One month from today, TD Securities is expected to sell 15,000 bonds to the public at large and it is also expected that the spot price per bond will be either $990 or $1040. Under each of the expected two levels of the spot price of the bond as of the date of the sale, calculate the present values as if the date of the underwriting of the following:

(a) The proceeds of the issue to ABC Ltd. (b) The profit (loss) to TD Securities from its underwriting.

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Assume that the interest rate is 0.5% per month, and there are no other expenses of the bond issu