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

10.410.4% with semiannual payments and will mature in 30 years. Its par value is $100100. DMI hires an investment banker for the sale of the 600,000 bonds. The investment banker charges a fee of 33% 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.$47,682,000

b.$50,310,000

c.$73,998,000

d.$83,622,000