Auerbach Inc. issued 4% bonds on October 1, 2018. The bonds have a maturity date of September 30, 2028 and a face value of $350 million. The bonds pay interest each March 31 and September 30, beginning March 31, 2019. The effective interest rate established by the market was 6%. How much cash interest does Auerbach pay on March 31, 2019? (Answer should be in million rounded to two decimal places.)

Multiple Choice

• $7.00 million

• $21.00 million

• $10.50 million

• $14.00 million