A corporation issues for cash $9,000,000 of 8%, 30-year bonds, interest payable semiannually. The amount received for the bonds will be
a. present value of 30 annual interest payments of $720,000
b. present value of 60 semiannual interest payments of $360,000, plus present value of $9,000,000 to be repaid in 30 years
c. present value of $9,000,000 to be repaid in 30 years, less present value of 60 semiannual interest payments of $360,000
d. present value of 30 annual interest payments of $360,000, plus present value of $9,000,000 to be repaid in 30 years
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