3. On July 15, 2018, Spring Inc. will be making a $40,000,000 bond issue to public investors. The bond matures in seven years on July 14, 2025, has a coupon rate of 4 percent, and pays interest annually on July 14. Determine how much Spring will receive in proceeds from its bond if the effective interest (yield to maturity) rate when the bond is issued is a) 3 percent b) 4 percent c) 5 percent (Hint: Here are some videos you can watch to help you out: https://www.youtube.com/watch?v=JZq0w7nJaTU https://www.youtube.com/watch?v=eSH5CkVJDR8