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A company has a $10 million liability that must be paid off in 5 years. The company plans to invest in a bond that pays

A company has a $10 million liability that must be paid off in 5 years. The company plans to invest in a bond that pays an annual interest rate of 6%, compounded monthly, to meet the liability payment. What is the initial investment required by the company to have $10 million available in 5 years? Round your answer to the nearest dollar.

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