Needy Company wants to raise money from the issue of bonds and the Board of Directors authorizes the issue of $9,000,000 of bonds in $1,000 denominations with interest paid semi-annually to run for a term of 12 years until maturity. At the time of issue the stated rate of interest on the bonds is 6% and the market rate of interest is 4%. The proceeds from the bond issue will be:

Multiple Choice

$9,885,340

$11,110,230

$9,000,000

Some other amount

$10,702,241