Pamlico Inc. issued 4% bonds on October 1, 2021. The bonds have a maturity date of September 30, 2031 and a face value of $425 million. The bonds pay interest each March 31 and September 30, beginning March 31, 2022. The effective interest rate established by the market was 6%. How much cash interest does Pamlico pay on March 31, 2022? (Round your answer to 2 decimal places.) Multiple Choice $17.00 million $12.75 million $25.50 million $8.50 million