8. On 1 July 2019, ABC Pty Ltd issued 500 two-year bonds with a face value of $1000 and a coupon interest rate of 5 per cent per annum, payable annually in arrears at the end of the financial year. The bonds were well received by the market, and the issue price for each bond was $1038.30. The market rate was 3% at the time the bonds were issued. What will be the total interest expense recognised by the company over the life of the bonds (ignore any tax implications; select the most appropriate answer):