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The Indians Equipment Co. just issued 500,000 bonds. These bonds mature in 20 years, have a par value of $1,000, annual coupon of 6%, and

The Indians Equipment Co. just issued 500,000 bonds. These bonds mature in 20 years, have a par value of $1,000, annual coupon of 6%, and have a yield to maturity of 10%. What is the approximate total amount of money the company raised from issuing these bonds? (hint: get present value of bonds)

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