Problem
On January 1, a company issued 6%, 20-year bonds with a face amount of $50 million for $44, 661, 231.92 to yield 7%. Interest is paid semiannual What was interest expense at the effective interest rate on June 30, the first interest date? (Enter your answers in whole dollars. Round percentage answers to 2 decimal places. (i.e., .0234 should be entered as 2.34).)