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Please explain step by step how to get my answer. Rainbow Corporation issued $440,000...

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Accounting

imagePlease explain step by step how to get my answer.

Rainbow Corporation issued $440,000 of 4%, 10-year bonds on January 1, 2021, for $405,704. This price provided a yield of 5% on the bonds. Interest is payable semiannually on June 30 and December 31. Rainbow uses the effective interest method to report its interest. The total amount of interest cost Rainbow would report over the life of bonds should be O $210,296 O $208,742 O $205,485 $196,273

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