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compounded semiannually. A city govemment wants to raise $3 million by issu- ing bonds. By ballot proposition, the bond's coupon interest rate was set at

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compounded semiannually. A city govemment wants to raise $3 million by issu- ing bonds. By ballot proposition, the bond's coupon interest rate was set at 8% per year with serniannual payments. However, market interest rates have risen to a nominal 9% interest rate. If the bonds mature in 20 years, how much will the city raise from issuing S3M in bonds

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