The following bonds were issued by the Archer Company in 2013:

Maturity in 10 years

Interest paid every six months at a coupon rate of 4.3%

Face value/maturity value of $2 million.

If the bonds are issued to yield 4%, what amount of cash will be received by Margolis not counting accrued interest or any selling costs. In 2016, after 6 payments, the Archer Company wants to buy back the bonds in the market. If the current market rate on bonds of a similar risk is 5%, what would the market value be of the Archer bonds?