$16)$ The town of Woburn issues $$5$ million in bonds on January $1,2021$ that pay interest semi$-$annually

on June $30$ and December $31.$ A portion of the bond amortization schedule appears below:

Date Cash Paid

Interest

Expense

Decrease in Carrying

Value Carrying Value

$01/01/2021$ $ $5,500,000$

$06/30/2021$ $ $250,000$ $ $220,000$ $ $30,0005,470,000$

$12/31/2021250,000218,80031,2005,438,800$

What is the total cash paid for interest assuming the bonds mature in $7$ years?

A$)$ $$5,500,000.$

B$)$ $$3,500,000.$

C$)$ $$5,000,000.$

D$)$ $$8,500,000$