Consumer Staples Inc. issues $8 million worth of three-year bonds that pay an annual coupon of 8% (stated rate). However, the yield to maturity (market rate) is 6%. What is the value of the initial liability recorded on its balance sheet?

a) 1,710,728

b) 7,587,664

c) 6,716,954

d) 8,427,682

e) 8,000,000