On January 1, 2021, Beacon Company issued bonds to raise capital. The bonds were for $5 million,10-years, 10% with interest paid annually. The following present value factors have been provided: Time Period Interest PV of $1 PV of a $1 Annuity 10 10% 0.386 6.140 10 8% 0.463 6.710 10 12% 0.322 5.650 If at the time of the issuance, if the market rate of interest was 12%, what was the amount of cash received for the bonds?

Multiple Choice $4,427,500. $4,477,500. $4,435,000. $5,000,000.