Auerbach Inc. issued 7% bonds on October 1, 2013. The bonds have a maturity date of September 30, 2023 and a face value of $475 million. The bonds pay interest each March 31 and September 30, beginning March 31, 2014. The effective interest rate established by the market was 9%.

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

	$33.25 million
	$16.63 million
	$21.38 million
	$42.75 million