Campbell Inc. produces and sells outdoor equipment. On July $1,20$Y$1,$ Campbell issued $$40,000,000$ of $10-$year, $10\%$ bonds at a market $($effective$)$ interest rate of $9\%,$ receiving cash of $$42,601,480.$ Interest on the bonds is payable semiannually on December $31$ and June $30.$ The fiscal year of the company is the calendar year.

$3.$ Determine the total interest expense for $20$Y$1.$

$4.$ Will the bond proceeds always be greater than the face amount of the bonds when the contract rate is greater than the market rate of interest?

$5.$ Compute the price of $$42,601,480$ received for the bonds by using the present value tables.