This morning, Mary bought a ten-year, $1000 par value bond with a 7.0% coupon rate and semi-annual payments. She paid $994 for the bond.

This morning, Mary bought a ten-year, $1000 par value bond with a 7.0% coupon rate and semi-annual payments. She paid $994 for the bond. If the market interest rate on this type of bond decreases to 6.5% tonight, how much will Mary receive for her first coupon payment?