Auerbach Inc. issued 5% bonds on October 1, 2013. The bonds have a maturity date of September 30, 2023 and a face value of $450 million. The bonds pay interest each March 31 and September 30, beginning March 31, 2014. The effective interest rate established by the market was 7%.

How much cash interest does Auerbach pay on March 31, 2014? (Round your answer in millions to two decimal places.)

	$31.50 million
	$22.50 million
	$11.25 million
	$15.75 million