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A company issues $15,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2020. Interest is paid on June 30 and December 31. How much

A company issues $15,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2020. Interest is paid on June 30 and December 31.

How much is the proceeds (cash collected) from the bonds?

$15,718,844 $15,000,000 $14,703,108 $13,706,232

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