The carrying value of 4% bonds with face value of $3,000,000 is $2,688,500. The bonds have 7 years to maturity. Interest is payable semiannually. Assuming that the next coupon payment is after 6 months, how much is the total interest expense until maturity?

Multiple Choice

• $528,500

• $790,300

• $840,000

• $1,151,500