New University plans to issue a $2 million bond. The money is needed to buy equipment for its physics laboratories. The bond matures in 10 years and requires semiannual interest payments. The stated...

New University plans to issue a $2 million bond. The money is needed to buy equipment for its physics laboratories. The bond matures in 10 years and requires semiannual interest payments. The stated interest rate is 6 percent, but rates have fallen to 5.96 percent in the market. How much will the university receive when it issues the bond?