Sephora Beauty Canada, Inc sells $10,000,000 worth of 7.5% convertible bonds on January 1st, 2021 for the amount of $10,500,000. These convertible bonds mature in 10 years and interest is paid quarterly on March 30, June 30, Sept 30 and Dec 31 each year. The yield rate is 8.2%. Each $1,000 bond is convertible into 75 common shares at the investor's option at maturity.

The present value of the bond at issue date is: (round to nearest whole number):

Group of answer choices

$9,525,450

$8,768,540

$9,532,972

$10,357,223