On January 1, 2017, Ellison Co. issued eight-year bonds with a face value of $6,000,000 and a stated interest rate of 6%, payable semiannually on June 30 and December 31. The bonds were sold to yield 8%. 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

61.The present value of the interest is

a.$2,068,920.

b.$2,097,360.

c.$2,235,600.

d.$2,260,980.