Lauren Corp. is planning to raise additional investor capital by issuing bonds.

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)? MAKE SURE YOU USE AT LEAST 4 DECIMAL PLACES WHERE APPLICABLE. YOU MUST TYPE IN ANSWER AND ALL OF YOUR WORK TO RECEIVE CREDIT.