A Firm Issues $200 Million in Ten-Year Bonds with an Annual

A firm issues $200 million in ten-year bonds with an annual coupon rate of 6%.The firm uses a sinking fund to repurchase 8% of the bonds on each coupon payment date.What payment must they make on the first coupon payment date?

A) $6 million
B) $12 million
C) $16 million
D) $22 million
E) $28 million