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Polycorp Treasury a company in the land of Zanadu is holding a parcel of Zanadu Government Bonds with a face value of $1,500,000. The bonds were issued six and a half years ago and still have three and a half years to maturity. They pay a coupon rate of interest of 6.5% pa, with interest being paid semi-annually. Currently the market yield quoted for Zanadu bonds is 4.2% pa. The convention in Zanadu financial markets is that the market yield and coupon rate are quoted as annual nominal rates. What is the market value of the bonds (in dollars accurate to three decimal places)?

 

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