the answer is supposed to be b) could someone explain me why. thanks!

Status Check #3 On April 1, 2018, a company issued 5-year, 9% bonds totaling $7,000,000 when the market interest rate was 9%. Interest is paid semi-annually on June 30 and December 31. Which of the following represents the amount of cash the company will receive on April 1, 2018, when the bonds are issued? a)$7,000,000 (par value (b)$7,157,500 To co x 9% x = $315000 c)$7,315,000 315000 32 =$157500 d) $7,630,000 Apal - Apr 30 2/26/2020