On January 1, 2014, Chapman Co. issued eight-year bonds with a face value of $3,000,000 and a stated interest rate of 8%, payable on December 31 each year. The bonds were sold to yield 6%. Table values are: Present value of 1 for 8 periods at 6% ..................................................... .627 Present value of 1 for 8 periods at 8% ..................................................... .540 Present value of 1 for 16 periods at 3% ................................................... .623 Present value of 1 for 16 periods at 4% ................................................... .534 Present value of annuity for 8 periods at 6%........................................... 6.210 Present value of annuity for 8 periods at 8%........................................... 5.747 Present value of annuity for 16 periods at 3% ........................................ 12.561 Present value of annuity for 16 periods at 4% ........................................ 11.652 The present value of the bond is a. $3,000,240. b. $3,376,320. c. $3,371,400. d. $2,999,280.