Question 4 (1 point) On January 1, 2020, Pillay Ltd. (Pillay") issued bonds with a face value of $20 million and a contract rate of 8%. The bonds mature in ten years and pay interest semi- annually on June 30th and December 31st. The bonds were issued at 93.496 to yield 9%. All of the following statements would be correct except for: Pillay's interest expense will be greater than the 8% contract rate of interest. Pillay received $18,699,200 when the bonds were issued. Pillay will pay $900,000 in interest every six months. Pillay issued the bonds at a discount. Pillay will repay $20 million when the bonds mature in ten years. 16 tv BE