Time Watch Co. has $79 million in earnings and is considering paying $8.90 million in interest to bondholders and $6.95 million to preferred stockholders in dividends. Use Table 17-4.
What are the bondholders contractual claims to payment? (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places (e.g., $1.23 million should be entered as "1.23").)