Li Delivery Corporation is planning to issue $10,000,000, 10-year, 7 percent bonds. The bonds are dated May 1, 2019, with interest paid annually on May 1. If the bonds are sold on May 1, 2019, to yield the 5 percent market rate of interest, how much cash will Li Delivery raise by issuing the bonds? How much interest expense will Li Delivery incur during the first year of the bonds’ life? How much cash will the corporation pay out during the first year of the bond’s life? Describe the cash outflows of the bonds for the life of the bond issue.