16 On January 1, 2019, $40 million face amount of 5%, 20-year bonds were issued. The bonds pay interest on a semiannual basis on June 30 and December 31 each year. The market interest rates were slightly higher than 5% when the bonds were sold. How much interest will be paid semiannually (each year on June 30 and on December 31) on these bonds? 02:31:08 Multiple Choice $1,000,000 $2,000,000 Slightly less than $1,000,000 Slightly more than $2,000,000