Cullumber Inc. manufactures cycling equipment. Recently, the vice president of operations of the company has requested construction of a new plant to meet the increasing demands for the company's bikes. After a careful evaluation of the request, board of directors has decided to raise funds for the new plant by issuing $3,068,500 of 12% term corporate bonds on March 1, 2025, due on March 1, 2040, with interest payable each March 1, and September 1. At the time of issuance, the market interest rate for similar financial instruments is 10%. At the controller of the company, determine the selling price of the bonds