TMC issued $55 million of its 12% bonds on April 1, 2016 at 97, reflecting a market rate of interest of 14%, plus accrued interest. The bonds are dated January 1, 2016, and mature on December 31, 2035. Interest is payable semiannually on June 30 and December 31. What amount did TMC receive from the bond issuance?

Multiple Choice

A. $51.70 million.

B. $56.65 million.

C. $55.00 million.

D. $53.35 million.

Answer rating: 100% (QA)

Step 1 Bond Bond is a debt instrument used by a company to raise capital It is also refer... View the full answer