Dunder-Mifflin, Inc. (DMI) is selling 600,000 bonds to raise money for the publication of new magazines in the coming year. The bonds will pay a coupon rate of 10.4% with semiannual payments and will mature in 30 years. Its par value is $100. DMI hires an investment banker for the sale of the 600,000 bonds. The investment banker charges a fee of 33% on each bond sold. What is the cost of debt to DMI if the following are the proceeds before the banker's fees are deducted?
a. $47,682,000
b. $50,310,000
c. $73,998,000
d. $83,622,000