Help Save & Exit Submit On January 1, 2021, an investor paid $298,000 for bonds with a face amount of $318,000. The contract rate of interest is 11% while the current market rate of interest is 14%. Using the effective interest method, how much interest income is recognized by the investor in 2022 (assume annual interest payments and amortization)? (Round your answer to the nearest dollar amount.) Multiple Choice $42,664 O $41720 $58,804 $32.780