Park Corporation issued 10-year bonds with a face value of $10,000,000. The face rate of interest on the bonds was 8%, and Park agreed to make semiannual payments. The market rate of interest at the time the bonds were issued was 6%. How much cash did Park Corporation receive from the issuance of the bonds?

Group of answer choices

$10,000,000

$11,487,747

$14,265,101

$11,472,017