Auerbach Inc. issued 4% bonds on October 1, 2021. The bonds have a maturity date of September 30, 2031 and a face value of $400 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%. How much cash interest does Auerbach pay on March 31, 2022? (Round your answer to 2 decimal places.) Multiple Choice $8.00 million. $16.00 million. $24.00 million. $12,00 million.

Auerbach lnc. issued 4% bonds on October 1, 2021. The bonds have a matunty date of September 30,2031 and a face value of $400 millien. The bonds pay interest each March 31 and September 30, beginning March 31, 2022. The effective interest rate osthblished by the market was 6%. How much cash interest does Auerboch pay on March 31, 2022? (Round your answer to 2 decimal places.) Mulipie Choice 56.00 milion. $16,00 mition: $2400 milion $12.00 minon