The carrying value of 8% bonds with face value of $7,000,000 is $6,474,700. The bonds have 5 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 $3,325,300 $2,968,400 $2,274,700 $2,800,000