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Do not round intermediate calculations and round your final answer to two decimals, e.g., 32.09. Please include the formula if there is any and the

Do not round intermediate calculations and round your final answer to two decimals, e.g., 32.09.

Please include the formula if there is any and the process through which you get the answers for the questions with a text box. These are an important part of grades.

Deltona Motors just issued 1 million zero-coupon bonds. These bonds mature in 20 years, have a par value of $1,000, and have a yield to maturity of 8 percent. What is the approximate total amount of money the company raised from issuing these bonds? (Hint: Determine the present value of the bonds first and then multiply it with the number of bonds issued.

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