What was the total coupon payment on september

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Reference no: EM132031442

TIPS were issued 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 on September 15, 2016?

Reference no: EM132031442

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