1. Robot Inc. bonds are priced to yield 9%, carry a 6% coupon, and mature in 5 years. These bonds can be called away in 2 years at a 4% premium. Find the intrinsic value of these bonds. Round intermediate steps to four decimals and your final answer to two decimals.

2. Consider a company that has sales in May, June, and July of $11.2 million, $10.2 million, and $12.2 million, respectively. The firm is paid by 35 percent of its customers in the month of the sale, 50 percent in the following month, and 13 percent in the next month (2 percent are bad sales and never pay). What is the cash collected in July? (Enter your answer in millions of dollars rounded to 2 decimal places.)