Marigold Ltd$.$ issued five$-$year bonds with a face value of $$320,000$ on January $1.$ The bonds have a coupon interest rate of $5\%$ and interest is paid semi$-$annually on June $30$ and December $31.$ The market interest rate was $6\%$ when the bonds were issued at a price of $96.$

$($a$)$

Using the above information, determine the proceeds received by the company when the bonds were issued.

Proceeds from issue of the bonds

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