Snap Slug Sound Engineering Company needs to raise some funds to pay for expansion. They issue $17,000,000 worth of 9 year debentures paying interest at 9.75% pa payable semi-annually. When the debentures are issued, interest rates in the debt-capital market are j₂ = 10.25% pa compounded semi-annually. Calculate the amount of capital raised. Give your answer in dollars and cents to the nearest cent.