On January 1, 2021, Ellison Co. issued eight-year bonds with a face value of $1,000,000 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 The present value of the interest is a. $349,560 b. $376,830 c. $344,820 d. $372,600