Brief Exercise 14.6 (Static) Effective interest on bonds [LO14-2] On January 1 , a company issued 3\%, 20-year bonds with a face amount of $80 million for $69,057,776 to yield 4%. Interest is paid semiannually. What was the interest expense at the effective interest rate on the December 31 annual income statement? Note: Round intermediate calculations and your final answer to the nearest whole dollar