Taylor Corporation issued $$4,000,000,10-$year, $6\%$ bonds on January $1,2012.$ The bonds were issued @ $86\mathrm{.}37$ to yield an effective market rate of $8\%.$ Interest is payable annually on January $1.$ Financial statements are prepared on December ${31}^{st}.$ A$.$ Calculate the interest to be paid every year on this bond issuance