On September 1st 2018, Amanda's Company issued $48 million of 10% bonds at face value. The bonds are dated June 1, 2018, and mature May 20, 2027. The bonds pay interest semiannually on June 1 and December 1 of each year. How much cash did Amanda receive when the bonds were issued on September 1, 2018?

a) $48,000,000

b) $49,200,000

c) 52,800,000

d) $48,600,000

e) $50,400,000