Tomkin Library System issues $5 million in bonds on January 1, 2021 that pay interest semi-annually on June 30 and December 31. A portion of the bond amortization schedule appears below: Interest Decrease in Date Cash Paid Expense Carrying Value 01/01/2021 06/30/2021 $250,000 $220,000 $30,000 12/31/2021 250,000 218,800 31, 200 5 Carrying Value $5,500,000 5,470,000 , 438,800 What is the total cash paid for interest assuming the bonds mature in 7 years? Multiple Choice 0 $5,500,000 0 $3,500,000 0 $5,000,000 0 $8,500,000