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Auerbach Incorporated issued 8% bonds on October 1,2024. The bonds have a maturity date of...

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Accounting

Auerbach Incorporated issued 8% bonds on October 1,2024. The bonds have a maturity date of September 30,2034 and a face value of $450 million. The bonds pay interest each March 31 and September 30, beginning March 31,2025. The effective interest rate established by the market was 10%.
How much cash interest does Auerbach pay on March 31,2025?
Note: Round your answer to 2 decimal places.Auerbach Incorporated issued 8% bonds on October 1,2024. The bonds have a maturity date of September 30,2034 and a face value of $450 million. The bonds
pay interest each March 31 and September 30, beginning March 31,2025. The effective interest rate established by the market was 10%.
How much cash interest does Auerbach pay on March 31,2025?
Note: Round your answer to 2 decimal places.
Multiple Choice
$36.00 million
$45.00 million
$18.00 million
$22.50 million
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