On January 1, a company issued 3%, 20-year bonds with a face value of $80 million for $69,033.776 to yield 4% Interest in paid semiannually. What was the interest expense at the effective interest rate on the December 31 annual income statement? Select one: a. $2,763,112 b. $2,760.556 c. $2,768,578 d. $2.761,352 e. $2,764.965