Vulcan Pipe Inc. is in the process of issuing 20 year, 10% coupon, semi-annual bonds with a $1,000 face value. The current market yield is 11%. An investment bank who is helping with the issue charges a 3% commission on the proceeds. If the company intends to issue 5,000 bonds, what are the overall proceeds to Vulcan? a. $4,055,347 b. $3,686,679 c. $4,460,881 d. $3,351,526 e. $4,906,970