Teal inc. manufactures cycling equipment. recently, the vice president of operations of the company has requested construction of a new plant to meet the increasing demand for the company’s bikes. after a careful evaluation of the request, the board of directors has decided to raise funds for the new plant by issuing $3,018,500 of 8% term corporate bonds on march 1, 2020, due on march 1, 2035, with interest payable each march 1 and september 1, with the first interest payment on september 1st, 2020. at the time of issuance, the market interest rate for similar financial instruments is 6%.

as the controller of the company, determine the selling price of the bonds. (round factor values to 5 decimal places, e. g. 1.25124 and final answer to 0 decimal places, e. g. 458,581.)

selling price of the bonds $