Problem
A city government wants to raise $3 million by issuing bonds. By ballot proposition, the bond's coupon interest rate was set at 8% per year with semiannual payments. However, market interest rates have risen to a nominal 9% interest rate. If the bonds mature in 20 years, how much will the city raise from issuing $3M in bonds.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.