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The Block Concrete Company borrowed $2,000,000 at 7% interest compounded semi-annually 4 years ago. The company cannot pay back the loan, which is due today.

The Block Concrete Company borrowed $2,000,000 at 7% interest compounded semi-annually 4 years ago. The company cannot pay back the loan, which is due today. The company refinanced the loan at 5.5% interest, compounded every quarter, to be paid at the end of 5 years. Calculate the amount the Block Concrete Company owes at the end of 5 years.

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