Question: On 12-31-13 O accepted a 3%, 6-year, $1,000,000 note in exchange for services O rendered to P. O will collect the note principle in full upon maturity and O will collect interest every December 31 starting December 31, 2014. The market rate of interest at the time services were rendered was 4%. What was the present value of O's receivable as of 12-31-13?