A company, which prepares its financial statements in accordance with IFRS issues ￡5,000,000 face value ten year bonds on January 1, 2010 when interest rates are 5.50%. The bonds carry a coupon of 6.50%, with interest paid annually on December 3 The carrying value of the bonds as of December 31, 2011 will be closest to:

A.￡4,695,562

B.￡5,301,000

C.￡5,316,000.