On January 1, 2021, $1,000,000, 5-year, 5% bonds, were issued for $957,349. The interest rate in effect when the bonds were issued was 6%. Interest is paid semi-annually on January 1 and July 1. What would be the amortized cost of the bonds on January 1, 2022?

a.) $957,345

b.) $961,069

c.) $964,901

d.) $1,000,000