Question: Auerbach Incorporated issued 9 % bonds on October 1 , 2 0 2 4 . The bonds have a maturity date of September 3 0

Auerbach Incorporated issued 9% bonds on October 1,2024. The bonds have a maturity date of September 30,2034 and a face value of $225 million. The bonds pay interest each March 31 and September 30, beginning March 31,2025. The effective interest rate established by the market was 11%.
How much cash interest does Auerbach pay on March 31,2025?
Note: Round your answer to 2 decimal places.

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