A municipality is offering $20 million of new bonds through a syndicate in a negotiated offering. A firm in a syndicate that is established as a Western account is responsible for selling $2 million of the bonds. After the firm sells $1.8 million of the firms allotment, the manager of the syndicate determines that there are $4 million of bonds left unsold. How much of the unsold bonds is the firm responsible for selling? (A) 0 (B) 200,000 (C) 400,000 (D) 600,000
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