Sweet Clover Sound Engineering Company needs to raise some funds to pay for expansion. They issue $14,000,000 worth of 8 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 = 9.25% pa compounded semi-annually. Calculate the amount of capital raised. Give your answer in dollars and cents to the nearest cent.

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