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X purchased a bond from JKL Inc. on April 1, 2017. X sold the bond to Y on April 1, 2021. Calculate the price Y

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X purchased a bond from JKL Inc. on April 1, 2017. X sold the bond to Y on April 1, 2021. Calculate the price Y should have paid for the bond. Issue Date: April 1, 2017 Face Amount: $2,000,000 Face Interest Rate: 4% Term of Bond: 12 years Market Interest Rates: 5% (as of April 1, 2017) 6% (as of April 1, 2021)

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