3. QUESTION 12 Terrapin, Inc. issues bonds with a par value of $20,000,000 on January 1, 2020. The bonds have an annual coupon rate of 6% pay Interest annually, and will mature in 7 years. If the market rate of interest on the bonds is 9% per year, then what are the cash proceeds from issuing the bonds? Note the company uses the effective interest method of amortization) a. $16,933,152 5 $17,917,452 520,000,000 d. 316,980,228 518,922,142