On September 1, 2021, Sam's Shoe Co. issued $480,000 of 7% bonds. The bonds pay interest semiannually on January 1 and July 1 of each year. The bonds were sold at the face amount. How much cash did Sam's receive upon the sale of the bonds? (Do not round intermediate calculations and round your final answer to nearest whole dollar.)

Multiple Choice

• $513,600.

• $480,000.

• $496,800.

• $485,600.