On January 1, a company issued 7%, 15-year bonds with a face amount of $70 million for $63,947,788.34 to yield 8%. Interest is paid semiannually. What was interest expense at the effective interest rate on June 30, the first interest date? (Enter your answers in whole dollars. Round percentage answers to2 decimal places. (i.e., .0234 should be entered as 2.34).) Amount x Effective Rate (%) - Interest Expense 8