QUESTION 13 3.333 Terrapin, inc. Issues bonds with a par value of $20,000,000 on January 1, 2020. The bonds have an annual coupon rate of 6%, pay interest annually, and will mature in 7 years. If the market rate of interest on the bonds is 9% per year, then what is the annual interest expense that the company will report for the year ending December 31, 2024? (Note: the company uses the effective interest method of amortization) a $1,615,095 b. $1,200,000 C 31,663,310 d. 51,725.008 e. 31.589,959