Auerbach Inc. issued 4% bonds on October 1, 2021. The bonds have a maturity date of September 30, 2031 and a face value of $450 million. The bonds pay interest each March 31 and September 30, beginning March 31, 2022. The effective interest rate established by the market was 6%. Assuming that Auerbach issued the bonds for $383,053,230, what interest expense would it recognize in its 2021 income statement?

a. $11,491,597

b. $0

c. $5,745,798

d. $6,750,000