On March 1 2020, Hill issued 500 of its $100 face value bonds at 103 plus accured interest. The bonds were dated Jan 1, 2020 at rate of 9% payable semiannually on June 30 and Dec 31. What total amount of cash did Hill receive on the date the bond were issued?

a. 56,000

b. 52,625

c. 51,500

d. 53,000

e. 52,250