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 are the cash proceeds from issuing the bonds? [Note: the company uses the effective interest method of amortization.]

	a.	$18,922,142
	b.	$16,980,228
	c.	$16,933,152
	d.	$20,000,000
	e.	$17,917,452