The rapid growth of the US economy in the immediate aftermath of the Civil War had several aspects, including a long-term rise in productivity and of output, a sharp rise in financial instability, rapid technological change, population growth, and income polarization. Was the huge increase in European immigration (and the subsequent increase in the labor supply) the principal reason that wages didn't grow, or was mechanization and automation (i. e., a great growth in per capita output) the principal reason?

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: