A city issues $1,000,000 of bonds paying interest at 9.125% compounded semi-annually, and by law it is required to create a sinking fund to redeem the bonds at the end of 8 years. If the fund is invested at 8% compounded semiannually, find the semi-annual expense of the debt.

a. $135,044

b. $45,625

c. $45,820

d. $91,445