You attempt to finance a 6-year guaranteed investment contract (GIC). The payment made by the policyholder is $10 million. Supposed the promised annual interest rate of the GIC is 10%. The bond you want to use in a 6-year, 10% annual coupon rate bond (semi-annually paid). Its face value is $10 million and you bought at par. Suppose the new interest rate in the 6-year life of GIC is 12%. Answer the following questions:

1) what is the promised payment of the GIC? 2) calculate the total return of investing in the bond