Lauren corp is planning to raise additional investor, Ask an Expert

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Lauren Corp. is planning to raise additional investor capital by issuing bonds. The company wants to raise $700,000 using bonds with a $1,000 face value. The bonds will mature in 12 years, carry a coupon interest rate of 7.25%, and will pay interest semiannually. If the market's current required rate of return for debt with similar risk characteristics as Lauren Corp. is 6.0%, how much money can the company expect to raise through the issuance of these bonds (show at least 2 decimal places)?

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