Aruba Industries manufactures aloe products. The company decides to build a new plant to increase capacity to reach international demands. The board of directors has decided borrow funds to build the plant by issuing $6,800,000 of 9% bonds on March 1, 2020, due on March 1, 2035, with interest payable each Feb 28 and August 30. At the time of issuance, the market interest rate for similar financial instruments is 8%. What is the selling price of the bonds?