Cost of debt with fees. Dunder Mifflin, Inc. (DMI) is selling 600,000 bonds to raise money for the publication of new magazines in the coming year. The bonds will pay a coupon rate of 9.4% with semiannual payments and will mature in 30 years. Its par value is $100. DMI hires an investment banker for the sale of the 600,000 bonds. The investment banker charges a fee of 3% on each bond sold. What is the cost of debt to DMI if the following are the proceeds before the banker's fees are deducted? a. $40,086,000 b. $56,142,000 c. $68,670,000 d. $80,562,000