Use the Following Information for Questions 60 Through 62

Multiple Choice

Use the following information for questions 60 through 62:
On January 1, 2014, Ellison Co. issued eight-year bonds with a face value of $4,000,000 and a stated interest rate of 6%, payable semiannually on June 30 and December 31. The bonds were sold to yield 8%. Table values are:
-The present value of the interest is

A) $1,379,280.
B) $1,398,240.
C) $1,490,400.
D) $1,507,320.