Solar Audio Sound Engineering Company needs to raise some funds to pay for expansion. They issue $13,000,000 worth of 11 year debentures paying interest at11.75% papayable semi-annually. When the debentures are issued, interest rates in the debt-capital market arej₂= 12% pacompounded semi-annually. Calculate the amount of capital raised. Give your answer in dollars and cents to the nearest cent.

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