A graphics deign company issued bonds in the same amount of $1,000,000 with a stated interest rate of 8%. If the interest is paid semiannually and the bonds are due in 10 years, what is the total amount of interest that would be paid over the life of the bonds?

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A graphics deign company issued bonds in the same amount of $1,000,000 with a stated interest rate of 8%. If the interest is paid semiannually and the bonds are due in 10 years, what is the total amount of interest that would be paid over the life of the bonds?

A) $1,000,000
B) $80,000
C) $800,000
D) $400,000

Answer: C

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