helpPharoah Organics Ltd$.$ has a number of commercial greenhouse operations in British Columbia's Fraser Valley. To finance the

additional real estate and greenhouses necessary to meet the increasing demand for the company's products, the company decided to

issue bonds. On January $1,$ it issued five$-$year, semi$-$annual bonds with a face value of $$84,000,000.$ The contract rate on the bonds was

$4\mathrm{.}5\%$ and the bonds were issued at $95\mathrm{.}7$ to yield $5\mathrm{.}5\%.$ Interest payments are to be made each June $30$ and December $31.$

$($a$1)$

Your answer is incorrect.

Determine the proceeds on issuance of the bonds.

Proceeds on issuance of the bonds