On January 1, 2020, Asianic Inc. issued 10-year bonds with a face amount of 25,000,000 and a contract rate of 8% payable annually on January 1. The effective-interest rate on the bonds is 10%. Present value factors are as follows:

PV of 1 for 10 periods

0.463 at 8%

0.386 at 10%

PV of an ordinary annuity if 1 for 10 periods

6.710 at 8%

6.145 at 10%

Total issue price of the bonds was

A.24,500,000.

B.23,000,000.

C.21,940,000.

D.25,000,000.