The following information is used to answer questions 13 to 16: Bonds: $1,000,000 Par Value Semiannual Interest Payments, Three-Year Life Annual Contract Rate: 6% Annual Market Rate: 8% 13. What is the price of the bond? A. 963,544.12 B.952,877.65 C. 947,578.63 D. 925,587.96 14. What is the amount of the bond discount? A. 52,421.37 B. 50,865.35 C. 47,822.45 D. 45,647.24 15. What is the semi-annual cash payment to the bondholder? A. 25,000 B. 30,000 C. 35,000 D. 40,000 16. What is the interest expense for the second semi-annual payment under the effective interest method? A. 37,903.15 B. 38,219.27 C.38,548.04 D. 38,889.96