A corporation issues for cash $8,000,000 of 8%, 20-year bonds, interest payable semiannually. The amount received for the bonds will be

a. present value of 20 annual interest payments of $640,000, plus present value of $8,000,000 to be repaid in 20 years.

b. present value of $8,000,000 to be repaid in 20 years, less present value of 40 semiannual interest payments of $320,000.

c. present value of 20 annual interest payments of $640,000.

d. present value of 40 semiannual interest payments of $320,000, plus the present value of $8,000,000 to be repaid in 20 years