Auerbach Inc. issued 6% bonds on October 1, 2021. The bonds have a maturity date of September 30, 2031 and a face value of $250 million. The bonds pay interest each March 31 and September 30, beginning March 31, 2022. The effective interest rate established by the market was 8%. Assuming that Auerbach issued the bonds for $216,024,975, what interest expense would it recognize in its 2021 Income statement? (Do not round intermediate calculations. Round your final answer to nearest whole dollar.) Multiple Choice $0. $4,320,500 $8,640,999 $5,000,000 Next >