A company issued 11%, 5-year bonds with a par value of $85,000. The market rate when the bonds were issued was 10%. The company received $88, 280 cash for the bonds. Using the effective interest method, the amount of interest expense for the first semiannual interest period is: $9, 350.00. $4, 250.00. $4, 675.00. $8, 828.00. $4, 414.00