Question: Auerbach Incorporated issued 8 % bonds on October 1 , 2 0 2 7 . The bonds have a maturity date of September 3 0

Auerbach Incorporated issued 8% bonds on October 1,2027. The bonds have a maturity date of September 30,2037 and a face value of $350 million. The bonds pay interest each March 31 and September 30, beginning March 31,2028. The effective interest rate established by the market was 10%. How much cash interest does Auerbach pay on March 31,2028? a)$28.00 million b)$14.00 million c)$17.50 million d)$35.00 million

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