Our customers have been complaining about the quality of the systems work we’ve been doing for them for the past few years. in particular, they don’t like our poor on-time performance on projects. in exit interviews, several of our employees who left the organization have commented on how hard it is to work here because they are never sure of what they should be doing, or how they should be interacting with others on their program teams.

Bonds often pay a coupon twice a year. for the valuation of bonds that make semiannual payments, the number of periods doubles, whereas the amount of cash flow decreases by half. using the values of cash flows and number of periods, the valuation model is adjusted accordingly. assume that a $1,000,000 par value, semiannual coupon us treasury note with three years to maturity has a coupon rate of 3%. the yield to maturity (ytm) of the bond is 7.70%. using this information and ignoring the other costs involved, calculate the value of the treasury note: