What was the total coupon payment

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Reference no: EM131501591

TIPS were issued on March 15, 2016 with an annual coupon rate of 2%. Coupons are paid semiannually. The first coupon payment date for these TIPS was September 15, 2016. The reference CPI on the issue date of March 15, 2016, was 105. The reference CPI on September 15, 2016, was 110. Then, for the original total par value of $1,000,000, what was the total coupon payment of September 15, 2016?

Reference no: EM131501591

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