Auerbach Inc. issued 4% bonds on October 1, 2016. The bonds have a maturity date of September 30, 2026 and a face value of $350 million. The bonds pay interest each March 31 and September 30, beginning March 31, 2017. The effective interest rate established by the market was 6%. How much cash interest does Auerbach pay on March 31, 2017?

A.) $7.00 million

B.) $14.00 million

C.) $21.00 million

D.) $10.50 million

Please show work.