Question 20 3 pts 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: Date Cash Paid Interest Expense Decrease in Carrying Value Carrying Value 01/01/2021 $ 5,500,000 06/30/2021 $ 250,000 $ 220,000 $ 30,000 5,470,000 12/31/2021 250,000 218,800 31,200 5,438,800 What is the total cash paid for interest assuming the bonds mature in 7 years? O $5,000,000 O $5,500,000 $3,500,000 O $8,500,000