A Company Issued 10%,5-Year Bonds with a Par Value of $400,000.The

A company issued 10%,5-year bonds with a par value of $400,000.The market rate when the bonds were issued was 8%.The company received $432,458 cash for the bonds.Using the effective interest method,the amount of interest expense for the first semiannual interest period is:

A) $21,622.90
B) $20,000.00
C) $4,324.58
D) $17,298.32
E) $16,000.00